Finanzguru closes financing round

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

The Frankfurt-based fintech has existed since 2015, last year it entered the insurance industry and now announces the closing of a current financing round: Finanzguru receives 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 is to be used to expand the business in the area of insurance, and the app is also to be further developed. For example, Finanzguru wants to carry out bank transfers.

The app is part of Dwins GmbH and allows users to keep track of their finances. With the help of AI, contracts can also be coordinated, money can be saved or tariffs for electricity, gas and insurance can be concluded. In 2021, Finanzguru bought the insurance broker Volders.

Co-founder Benjamin Michel says of the news: "We have become the real hub for all money topics and insurance for our customers in 2021. The number of our insurance customers is growing rapidly, Finanzguru hits a nerve here. And the trust of our investors now gives us the necessary tailwind for the next phase of our growth." 20,000 customers have used the service since Volders was acquired, the startup said.

The company now has 40 employees and says 500,000 customers use the app. After a turnover of two million euros in 2021, this is expected to increase significantly in the coming years.