Revolutionary Fintech Firm Finanzguru Nets €13 Million In Funding Round With PayPal Ventures And SCOR Ventures On Board

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Finanzguru Team
©   Finanzguru

Finanzguru, a Germany-based fintech firm and the top holistic financial advisor in Germany enabled by open banking, has secured €13 million in funding. The funding round was spearheaded by new investors, SCOR Ventures and PayPal Ventures, and participated in by existing investors, such as Deutsche Bank, coparion, VR Ventures, Hannover Digital Investments, Venture Stars, and former Postbank CEO, Frank Strauss. With this funding round, Finanzguru has now accumulated a total of €27 million since its establishment in 2018. The company plans to utilize the funding to expedite profitable growth in Germany, as well as expand its product platform. Additionally, Finanzguru aims to significantly bolster its present workforce of 70 employees.

Finanzguru has tripled its revenues in 2022 and currently boasts annualized revenues exceeding €10 million. Moreover, the company has attained operational break-even, not taking into account its growth marketing efforts. Co-founder and co-CEO of Finanzguru, Alexander Michel, stated that the company’s financial advice products based on digital analysis of customers’ payment transactions and distinct financial standing have charted a new course. He added that the strong growth achieved by the company indicates customer satisfaction and that the focus now is to expand their insurance and pension business.

Meanwhile, co-founder and co-CEO of Finanzguru, Benjamin Michel, remarked that the inclusion of personal financial advice as a feature in the Finanzguru app has addressed a genuine need in the German consumer market. He said that this development has facilitated a significant expansion of their business over the past 18 months. He also expressed delight over the backing of two prominent new investors, which will help sustain growth.

“SCOR Ventures invests in innovative companies that tackle risks for individuals, businesses, and the planet,” said Will Thorne, the Head of SCOR Ventures. He believes that Finanzguru has a unique opportunity to offer products that will bridge the gap in care and protection for all users, promoting financial resiliency and community well-being.


Alexandros Bottenbruch, a Principal at PayPal Ventures, acknowledged that the startup has led the way in a data-driven, open banking solution that simplifies personal financial management and provides access to financial well-being for everyone, regardless of their background or economic status. He expressed excitement in supporting the company as they work towards empowering individuals to take control of their financial lives in the next phase of their journey.

In 2018, the fintech was introduced as a multibanking app, but in recent years, it has evolved into a comprehensive platform that enables its users to manage all their banking accounts and contracts. Since mid-2021, the company has provided independent guidance on financial and insurance products to its customers through a digital analysis of their banking data. This service is accessible via phone or video chat and is available in a state-of-the-art setting.

Finanzguru now boasts more than 1.5 million registered users and is the fastest-growing financial startup in Germany in terms of downloads. Over 100,000 users of the app have already taken advantage of FinTech’s brokerage services to purchase financial and insurance products. As Finanzguru’s customers have connected their bank accounts to the app, they receive customized financial advice based on an analysis of their bank data and can acquire insurance policies with no extra administrative hassle.

About Finanzguru

dwins GmbH is a Frankfurt am Main-based fintech firm established in 2015 by Alexander and Benjamin Michel, Sandro Sonntag, and Florian Hirsch. The company has approximately 70 employees across its Frankfurt am Main and Nuremberg locations. The founders are shareholders of the company, while several international financial investors own minority stakes. dwins GmbH’s primary product is Finanzguru, an AI-powered digital and personalized financial assistant app launched in 2018. Finanzguru serves as a central hub for its users’ finances, enabling them to monitor their income, expenses, and contracts, invest and save, and purchase insurance and other financial products. Users can link any online banking account in Germany to Finanzguru for this purpose. With over 1.5 million registered users, the Finanzguru app is the largest non-bank financial app in the German market.


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