January 10, 2018
As one of Europe’s hubs of innovation along with London, Berlin has an impressive array of FinTech companies successfully operating both within and beyond Germany’s FinTech ecosystem. In this article, we will review some of the brightest examples; a more comprehensive overview can be found in MEDICI, FinTech’s Global Knowledge Network.
ascribe helps creators to manage their valuable digital creations by providing secure attribution, easy sharing, and visibility. ascribe works closely with world-class creators, along with museums and digital marketplaces.
Better Payment is an innovative payment gateway that allows to develop, make payments online and to accept payments in mobile applications.
Billfront was born out of FinLeap, an international FinTech company builder. Their mission is to deliver cheaper, simpler and more transparent financial services to businesses and consumers. BillFront gives ad networks, publishers, and app developers faster access to their revenues.
Bitbond is a peer-to-peer bitcoin lending platform. Users can borrow Bitcoin or lend Bitcoin to other users. Bitbond conducts a credit rating for all borrowers before they can publish projects on its marketplace. The platform counts over 16,000 borrowers and provides loans for up to 100,000 with rates starting at 7.7%. Bitbond leverages bitcoin as a technology and payment network to create the first global market for small-business loans.
Clark is an insurance robo-advisor, which offers its customers a fully automated opportunity to improve their insurance situation. Along with the German Credit Bank AG, Clark cooperates with six banking institutions (DKB, ING-DiBa, N26, NIBC Direct, PSD-Bank Hannover, Raiffeisenbank Thannhausen) and enables together with over 10 million customers a secure and effortless insurance management per app or computer.
Cringle is a P2P payments service provider that allows users to split bills with friends. Money is easily transferred by simply selecting the desired recipient from the contacts on one’s smartphone.
Crosslend offers borrowers and investors a cross-border online credit marketplace with interesting and innovative opportunities. Its business model is based on the combination of intelligent credit rating algorithms, flexible refinancing via a capital market structure, and cross-border credit brokerage in cooperation with a partner bank, FinTech Group Bank AG.
Debitoor is an online invoicing and accounting software designed for freelancers and small businesses.
Decimo offers factoring services to freelancers and SMEs.
Feelix is a personal digital financial planner. It allows users to create transparency in their financial and insurance situations and save time for consultation appointments.
Friendsurance has implemented the concept of online peer-to-peer insurance which combines social networks with well-established insurance companies. Customers can connect to form individual insurance networks, thereby lowering their annual insurance premiums by up to 50%.
iFunded is an online marketplace for global online real estate investments, leveraging the power of the crowd and technology. iFunded makes real estate investing highly accessible, simple, transparent and affordable. With an investment starting at as little as €250, users can participate in the development of real estate projects and generate interest rates of 3-7 % p.a. Real estate developers get access to an alternative financing opportunity. In addition, they can increase public awareness in the early phase of their project and profit from the marketing effect on the platform of iFunded.
iZettle is a mobile payments company based in Stockholm, Sweden and markets a single application & service called iZettle. The company’s offerings include everything from credit card readers to complete point-of-sale solutions and free sales overview tools.
Kapilendo is a German marketplace lender that specializes in SME finance. The company also offers SMEs a platform to increase their digital presence and reach by actively promoting their business through PR work, social media, and networks.
Knip is a digital insurance manager for an easy-to-understand overview of existing insurance policies, tariffs, and services.
Lendico is a transparent marketplace for loans. The platform connects borrowers and investors, avoiding the excessive costs of traditional banking. The savings are passed right through to the customers. Lendico does a strict quality control of all borrower projects and coordinates all payment transactions on top.
Mambu enables banking providers to create, launch and service loan and deposit products through its cloud banking platform. Mambu accelerates time to market for new consumers and SME banking products via innovative channels. Mambu powers more than 100 financial institutions. The company’s platform allows financial institutions to launch and manage loan products, transactional accounts, documents and optimize a variety of other processes.
Number26 is building the most modern bank account in Europe and the first one that can be managed entirely on a smartphone. The company provides more than 80,000 customers with accounts for cash withdrawals, deposits, and overdraft services up to 2,000 euros via a slick smartphone app.
Orderbird is a provider of iPad POS systems that facilitate reporting functions. The iPad POS system Orderbird POS is for bars, restaurants, and clubs. The cash register system can be individualized according to the user’s needs. The company is valued at $66.67 million. Among its partners are Payworks, Airfy, SimpleOrder, Concardis, and PayPal.
OptioPay is an online payment platform which increases payments by offering higher-value gift cards as a payment method.
Pagido offers a service that enables small businesses and freelancers to provide factoring services. Factoring enables companies to transfer outstanding receivables to a service provider. The latter immediately pays out a large part of the claim to the biller and insures the total amount in the event of a bankruptcy of the bill recipient. In addition, the service provider oversees the monitoring of the outstanding claim and, if necessary, takes care of the collection. Thus, the company can minimize the risk of default on a timely receipt of money.
PrestaCap aims to revolutionize the way in which smaller businesses access finance by connecting them directly to a wide range of investors. The company’s vision is to support local economies and enable SMEs across Europe to grow.
Raisin is a financial marketplace that enables savers to access the best deposit rates across Europe. Raisin offers individuals and businesses across Europe a one-stop shop access to attractive savings products. Currently, 40 banks offer savings accounts through Raisin, ranging from overnight flexible savings to long-term deposits. Raisin has also recently announced that it will launch its first retail investment product in the coming months.
SatoshiPay is developing a solution for bitcoin nanopayments (down to 1c or less), allowing content providers to monetize digital goods in extremely small increments and without the need for locking up user funds. Founded in September 2014 in Berlin, the company is currently working on a beta version of their service.
Savedo is a European online marketplace for retail investment products that ensures safely deposited savings and better interest rates across the European Union.
Smava is a Germany-based online comparison site for personal loans on which each participant can obtain a loan online with the best terms from a wide selection.
solarisBank is a technology company with a banking license. solarisBank offers a completely digital banking platform to which other businesses can connect in order to offer financial services themselves. solarisBank was founded in March 2016, after receiving a full banking license from the German regulator within just nine months. The company is able to passport the license to other EEA countries in order to serve business partners in nearly any European country.
Spotcap is an innovative online lender for SMEs. The company is headquartered in Berlin, with local offices in Madrid, Amsterdam, and Sydney. Spotcap focuses on a business’ recent performance by leveraging state-of-the-art technology instead of historical financials and credit scores.
SumUp is a European mobile point-of-sale (mPOS) company. With SumUp, merchants can accept credit and debit cards using their smartphones or tablets in a simple, secure and cost-effective way.
wefox is an InsurTech startup that allows customers, brokers and insurance companies to digitally manage their insurance products. wefox has acquired more than 110,000 customers.
Note: A more comprehensive overview of FinTech startups operating in Berlin can be found in MEDICI, FinTech’s Global Knowledge Network.