Finanzguru closes financing round

The Frankfurt-based company receives eight million euros in its extended Series A financing round. In future, bank transfers will also be processed via Finanzguru.

The Frankfurt-based fintech has been around since 2015, entered the insurance sector last year and has now announced the completion of its latest financing round: Finanzguru is receiving eight million euros from VR Ventures, Coparion and Venture Stars together with HDI, Deutsche Bank and business angel Frank Strauß in an extended Series A round. Deutsche Bank holds a 20 percent stake in the start-up. The money will be used to expand the insurance business and further develop the app. For example, Finanzguru wants to carry out bank transfers.

The app is part of Dwins GmbH and enables users to keep an overview of their finances. AI can also be used to coordinate contracts, save money or take out tariffs for electricity, gas and insurance. Finanzguru acquired the insurance broker Volders in 2021.

Co-founder Benjamin Michel says of the news: "In 2021, we have become the real hub for all our customers' money and insurance needs. The number of our insurance customers is growing rapidly, Finanzguru is hitting a nerve here. And the trust of our investors is now giving us the necessary tailwind for the next phase of our growth." 20,000 customers have used the service since the takeover of Volders, according to the start-up.

The company now has 40 employees and claims to have 500,000 customers using the app. Following a turnover of two million euros in 2021, this is set to increase significantly in the coming years.