Banxware raises ten million euros

The fintech wants to drive forward embedded financial services in Germany. This has convinced investors such as Element Ventures.

The Berlin-based start-up Banxware has received ten million euros as part of an extended seed financing round. The round was led by Element Ventures. Other investors include D4-Ventures, FinVC and Varengold Bank AG. The existing investors Force over Mass, VR Ventures and HTGF have also increased their investments.

"In such a short space of time, they have already acquired a number of major customers and delivered a phenomenal product," says Element Ventures, explaining its investment. With the newly acquired capital, Banxware plans to expand its team and drive product development, sales and marketing on digital platforms across Europe.

Banxware is a Lending-as-a-Service provider for embedded financial services that offers payment and financing options on digital platforms. The aim is to create a link between banks, platforms and merchants in order to benefit from open banking. Well-known customers of Banxware include Penta and Lieferando.