Finanzguru’s new round co-led by PayPal Ventures

Frankfurt-based open banking financial advisor Finanzguru has raised €13m in a funding round led by SCOR Ventures and PayPal Ventures. Deutsche Bank, VR Ventures, Venture Stars, Hannover Digital Investments, coparion and former Postbank CEO Frank Strauss also participated in the funding round. Finanzguru was launched in 2018 as a multi-banking app and has now expanded into an independent platform that allows customers to manage all their banking accounts and contracts. The firm has grown to over 1.5 million registered users and has more than 100,000 app users utilizing its brokerage services.

Finanzguru plans to use the funding to speed up profitable growth in Germany and to further expand its product platform. The company will also strengthen its current team of 70 employees. The co-CEO and co-founder of Finanzguru, Benjamin Michel, said that the company is meeting a real need in the German consumer market by adding personal financial advice as an offering in the Finanzguru app. The company has greatly expanded its business over the past 18 months, and it is pleased to be able to continue to drive growth with the support of two new high-profile investors.

Co-founder and co-CEO Alexander Michael added that Finanzguru’s financial advice products are based on a digital analysis of each customer’s payment transactions and unique financial situation, which has broken new ground in the industry. Finanzguru’s already strong growth shows that its products are resonating with customers, and the company is now focused on expanding its insurance and pension business.

Meanwhile, TerraPay, a global payments infrastructure business, has secured over $100m in its Series B equity financing round. TerraPay offers payment solutions that enable mobile wallet holders to send and receive real-time cross-border remittances, bill payments, and merchant payments. The company plans to use the funding to expand its footprint in existing markets, including Asia, Africa, and Latin America, and to invest in product innovation. TerraPay aims to deliver more efficient and cost-effective payment solutions to people globally.