Germany is quickly emerging as a fintech powerhouse, with Berlin and Hamburg in particular witnessing thriving fintech communities. According to EY, Germany hosts over 300 fintech companies which raised a record of US$655.4 million in 2017.

The followings are ten of Germany’s most well-funded fintech startups based on disclosed funding (Sources: crunchbase, funderbeam, company webpages)

Kreditech Holding – US$282M

Kreditech Holding uses machine-learning technologies and non-traditional data sources to provide access to better credit for the underbanked. The company’s product offerings include consumer loans, a digital wallet and a personal finance manager designed to help customers manage their credit score and plan their spending. Kreditech also offers a “lending as a service” model, allowing partners to integrate Kreditech’s credit products via an API into their own platform and services.

Founded in 2012 and headquartered in Hamburg, Kreditech covers more than five markets worldwide, amongst others Russia, Mexico, Spain and Poland. Up until now, the company has processed more than four million loan applications through its subsidiaries.

N26 – US$215M

Headquartered in Berlin, N26 provides mobile banking services for customers including making and handling of current accounts, fixed accounts, and other banking services, letting customers manage and control their banking details via a smartphone application easily.

N26 also partners with fintech and traditional financial companies to deliver best-in-class products such as TransferWise (foreign exchange), Raisin (savings), Clark and Allianz (insurance), auxmoney (credit), and others.

N26 has more than 1 million customers across 17 European markets. N26 currently operates in Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, and Spain, and it intends to enter the UK and US markets in 2018.

Deposit Solutions – US$143.6M

Founded in 2011 and headquartered in Hamburg, Deposit Solutions is a provider of the Open Banking platform for deposits connecting banks and depositors across Europe.

Its proprietary Open Banking technology provides an infrastructure for the global US$50 trillion deposit market that benefits banks and savers alike. Deposit Solutions is already connecting more than 70 banks from 16 countries and additionally operates proprietary B2C Points-of-Sale (ZINSPILOT and SAVEDO) that market selected deposit offers of its partners directly to savers.

Smava – US$135M

Founded in 2007 and based in Berlin, Smava is Germany’s loan portal making personal loans transparent, fair, and affordable for consumers. Based on digital processes, Smava provides a market overview of 70 loan offers from 25 banks, ranging in value from €1,000 to €120,000. In this way, borrowers can choose and conclude the deal most favorable to them. With an average loan value of more than €10,000, borrowers can save up to €2,000.

Smava arranges over €1 billion worth of loans per year.

Spotcap – US$132.92M

Spotcap is online lender for small and medium-sized businesses (SMEs) founded in 2014 and headquartered in Berlin. It operates as a direct lender to SMEs in the UK, the Netherlands, Spain, Australia and New Zealand where it offers promising businesses access to flexible finance.

Spotcap’s online application is straightforward and can be completed in as little as five minutes, either online or in collaboration with a financial advisor, broker or accountant. Leading institutions now collaborate with Spotcap to provide their SME clients with an efficient and straightforward lending experience.

solarisBank – US$112.76M

Founded in 2016 and based in Berlin, solarisBank is banking platform with a full banking license which enables companies to offer their own financial products. Through APIs, partners gain access to solarisBank’s modular services including payments and e-money, lending, digital banking as well as services provided by integrated third party providers.

solarisBank is currently live and serving partners in six European countries including Germany, the Netherlands, Austria, the United Kingdom, Belgium and Greece.

Raisin – €70M

Founded in 2013 and based in Berlin, Raisin, formerly SavingGlobal, is the a pan-European online marketplace for savings products. After launching the German platform WeltSparen.de in 2013, the company’s service is now available in English across Europe (Raisin.com). In addition, the company offers localized platforms for the German, French, Spanish and Austrian markets.

Raisin gives customers the possibility to open deposits at attractive interest rates across Europe free of charge. All deposits are 100% guaranteed up to €100,000 per saver and bank by each national Deposit Guarantee Scheme in accordance with EU directives.

Raisin is one of the best capitalized fintech companies in Europe, as it raised over €70 million from investors such as PayPal, Index Ventures, Ribbit Capital and Thrive Capital.

Simplesurance – US$57M

Founded in 2012 and based in Berlin, Simplesurance is an insurtech company that designs, develops, and provides cross-selling software solutions for e-commerce that integrate into the checkout process of online shops and allow the purchase of insurance at the point of sale.

It offers Simplesurance, a software solution that enables the customer to buy a product online and also purchase corresponding insurance. The company provides its products to e-commerce and electronic manufacturer. The company also offers digital broker services for customers to manage their insurance on their phones.

More than 2,000 partners including renowned companies such as OnePlus, Huawei Technologies, Rakuten, Revolut, check 24 and many more, use the company’s cross-selling platform.

Scalable Capital – US$45M

Scalable Capital is a digital investment service founded in 2014, with offices in Munich and London. It uses proprietary software to offer portfolios which are dynamically optimized with a primary focus on risk management. State-of-the-art technology enables the company to offer a first class investment service, previously only available to large institutional investors, to individuals at a fraction of the cost.

Scalable Capital is active in the UK, Germany, Switzerland and Austria. It is regulated by the Financial Conduct Authority (FCA) in the UK, and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany. It manages over €1 billion of assets under management from more than 30,000 clients.

Clark – US$45M

Based in Berlin and founded in 2015, Clark is an insurance robo-advisory platform providing transparent, cheap and comprehensive insurance coverage.

Clark allows users to assess their insurance status through an app or website. Based on algorithms, the robo-advisor provides analysis on the customers’ insurance situation and automatically proposes optimization opportunities by searching for tariffs from more than 160 insurance companies. On request, experts are available to assist customers with specific questions.