Germany-based fintech Finanzguru has raised EUR 13 million in a financing round. The company raised EUR 8 million in January 2022 and was valued at around EUR 32 million, according to the Handelsblatt.

As stated by a Finanzguru representative, cited in the Handelsblatt, the demand was significantly higher than the supply, yet they did not want to sell any more shares in the company. The new round of funding is being led by Paypal Ventures, the venture capital subsidiary of US-based online payment service PayPal, and early-stage investor SCOR Ventures. However existing investors, including the Deutsche Bank, have also participated again.

The company’s aim Finanzguru customers can link their bank accounts to the multibanking provider's app. The fintech can then provide an accurate overview of the customer's income and expenses as well as their contracts. The company’s goal is to provide customers with a detailed financial overview.

The app’s most basic version is free. However, if users want to have access to additional functions, such as the expected account balance at the end of the month, they have to pay EUR 2. 99 per month for the premium membership "Finanzguru Plus".

  Finanzguru advice offer Finanzguru also advises customers on insurance and financial products based on the analysed account data. According to a Finanzguru representative, they want to find the best deal for their customers. By analysing the accounts, Finanzguru can estimate, for example, whether the customer has insurance that is too expensive or whether all the essential insurance is in place.

According to the company, this service is free of charge for the customer. The company earns money through commissions, which it then receives from the respective insurance companies. As stated by a representative, the company combines the most extensive analysis and forecasting functions on its financial platform and is completely independent when it comes to financial advice.

According to its own statements, Finanzguru currently has 1. 5 million users. However, the founders did not want to disclose how many customers actively use the app every month, only that 100,000 of them also take out financial and insurance products via the app.

BaFin license application and future plans In 2022, the company applied for a license as a payment initiation service from the German financial regulator BaFin. According to Handelsblatt, the company has stated that this is still pending. This means that Finanzguru could also handle payments for customers in the future.

However, the company will be discontinuing the debit card introduced in 2019 at the end of April 2023. .