In a fresh funding round spearheaded by PayPal Ventures, Germany’s Finanzguru is now worth $14 million more.
The Frankfurt-based financial advice/banking app revealed the funding on Tuesday (April 4), saying it will use the funds to grow its platform and “significantly” increase its team of 70 people. SCOR Ventures served as a co-lead investor in the round.
Finanzguru, which was initially introduced in 2018 as a multi-banking app, has subsequently developed to allow users to manage all banking accounts and contracts in addition to providing guidance on insurance and financial goods. This makes it a great option for remote workers and digital nomads, making it easier for them to manage their financial accounts in one place.
“By adding personal financial advice as an offering in the Finanzguru app, we are meeting a real need in the German consumer market. This has allowed us to greatly expand our business over the past 18 months.” Benjamin Michel, co-founder and co-CEO, Finanzguru
“Finanzguru has pioneered a data-driven, open banking solution that democratizes access to financial well-being by removing complexity from personal financial management.” Alexandros Bottenbruch, PayPal Ventures Principal
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