German fintech startup pulls in Series A funds

German financial tech startup FinTecSystems has raised Series A funding that is in the “seven-figure range.” LITTLEROCK and Ventech led the round with participation from return backers MenschDanke Capital and Heilemann Ventures.


LONDON, UK. 9 August 2016 – FinTecSystems, the company that provides critical data and analysis to the financial services industry, today announces it has secured its Series A investment round. Led by VCs LITTLEROCK and Ventech, the round is in the seven-figure range. Previous investors MenschDanke Capital and Heilemann Ventures have also participated in the Series A, completing the circle of investors that will actively drive forward the business internationally.

Founded in 2014 in Munich, FinTecSystems provides financial institutions such as banks with real-time financial data analysis that creates an accurate overview of a consumer’s financial situation and creditworthiness. Using FinTecSystems’ technology, the loan application process is reduced from weeks to minutes. Banks and financial services providers are able to process smart data-driven credit decisions through the analysis of the data provided by FinTecSystems’ platform, helping to minimise risk. Customers of FinTecSystems include Solaris Bank (bank), Finreach (account switching services), Lendico (loans) and Deutsche Telekom (telecoms).

“With our Series A round secured, we will now push through our ambitious plans for European expansion. It will also enable FinTecSystems to build on our reputation as a technological leader in the market,” said Stefan Krautkraemer, CEO and Founder of FinTecSystems. “We successfully achieved last year’s challenge to establish FinTecSystems not only as a banking API expert, but also as a trusted credit data processor . We are very happy to be backed by a team of investors that are known for their entrepreneurial instinct, and who can pave a way for FinTecSystems to succeed internationally.“

Christian Claussen, Managing Partner of Paris-based Ventech, which runs also offices in Munich and Helsinki added: “The digitisation of the financial industry was long overdue and thankfully it is now speeding up. We are convinced of companies like FinTecSystems that provide solutions for a sustainable digital infrastructure in the financial industry.”
Noel Zeh, Founding-Partner of LITTLEROCK, the venture capitalists from Dusseldorf, dedicated to an investment approach with a focus on passionate and high-profile founding teams commented: “Ten years of experience in FinTech is extremely rare. We firmly believe this expertise combined with a strong product will bring the success story forward for FinTecSystems.”

The online lending business is a growing business. According to Bankenfachverband (BFACH) in Germany, every fifth consumer loan is now being processed online. The main players are banks that have lent around six billion euros in 2015, an increase of about 20 percent compared to the previous year. This development, the BFACH said, has slowed down mainly due to media disruption within the loan application process. The process itself often requires written form and manual efforts. A digital loan agreement, which is enabled through the FinTecSystems solution, is therefore a requirement for further positive development in the market.

About FinTecSystems
FinTecSystems, founded 2014 in Munich by Stefan Krautkrämer and Dirk Rudolf, has specialised in the fully automated financial analysis based on online banking data. With the help of its products, which can be used by consumers in Germany and Austria, FinTecSystems provides precise analysis of the creditworthiness of consumers. FinTecSystems thus enabling banks, financial and payment service providers to take credit decisions in real time. Thus, the loan application process is faster, simpler, more valid and finally digital.