Finanzguru, a German financial advisor enabled by open-banking, announced that it has raised €13 million in a funding round led by new investors SCOR Ventures and PayPal Ventures. This brings its total funds raised to €27 million since its launch in 2018.

The round was also joined by existing investors including Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars and former Postbank CEO Frank Strauss.

Finanzguru said that it will use the funding to accelerate its growth in Germany while further expanding its product platform. The company will also significantly strengthen its current team of 70 employees.

The company reported tripling its revenue in 2022 and that it is now generating annualised revenues of over €10 million with more than 1.5 million registered users.

Alexander Michel, Co-founder and co-CEO of Finanzguru said,

“We have broken new ground with our financial advice products, which are based on a digital analysis of each customer’s payment transactions and unique financial situation.

 

Our already strong growth shows that our products are resonating with customers, and we are now focused on expanding our insurance and pension business.”

Benjamin Michel, Co-founder and co-CEO of Finanzguru said,

“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. We are pleased to be able to continue to drive growth with the support of two new high-profile investors”.

Featured image credit: Alexander Michel and Benjamin Michel, co-founder and co-CEO of Finanzguru