Connect with us

Featured

What Happened Lately in the German Fintech Sector

The Berlin based company Moss would not be the first fintech company to emancipate itself in this way. Just at the end of August, Berlin-based neobank Vivid Money announced the acquisition of its investment license in Holland. And Moss competitor Pliant has now also applied for an e-money license – from an unnamed European regulator.

Published

on

Independence is a hot topic for fintech companies in Germany- in times when investments and partnerships are being scrutinized much more meticulously, it feels good as a financial startup to be at least a little bit master in your own house. An important milestone here is the seal of approval from a banking supervisory authority.

As already reported on several occasions, Bafin in particular is rather sparing with this in the post-wirecard era. In the case of the Berlin-based corporate credit card fintech Moss (which received €75 million in financing at the beginning of the year), it has now worked out, according to Finanz-Szene research. According to the Bafin company register, and Moss CEO Ante Spittler confirmed upon request, the company has had a so-called e-money license since the end of June.

With this license, Moss could, for example, take over the issuing of credit cards, which is currently carried out by the Maltese service provider Transact Payment. The company would also be able to offer short-term loans itself under an extended e-money license; the loan business is currently handled by Raisin Bank. All Moss says is, “Against the background of the license, we will gradually carry out parts of regulated activities ourselves.”

The Berliners would not be the first fintech company to emancipate itself in this way. Just at the end of August, Berlin-based neobank Vivid Money announced the acquisition of its investment license in Holland. And Moss competitor Pliant has now also applied for an e-money license – from an unnamed European regulator.

Read more about the German fintech sector and find the latest financial news from around the world with the Born2Invets mobile app.

What was that about the €4.35 million for Fulfin?

When recently reported the €4.35 million round for Munich-based fintech company Fulfin, obvious questions about the funding had not initially been clarified. For example: Is this all equity? Or: Is it really all fresh money? With some delay, the matter can now be clarified (based on a telephone conversation with co-founder Alfred Gruber yesterday).

So: Yes, the €4.35 million is completely equity. Of this, €1 million is fresh, so to speak, while the other €3.35 million are converted convertible loans. According to Gruber, the total funds made available to Fulfin since its foundation in 2021 amount to €12.5 million. This includes, if we understand correctly, the following blocks: 1.) the €4.35 million; 2.) the seed round from 2019, which was not specified at the time; 3.) loans that have not yet been converted, as well as 4.) a facility provided by Varengold Bank, which Fulfin uses to run its business, namely working capital financing for companies.

Other fintech snippets at a glance:

U.K.-based N26 challenger Revolut is launching a new payment feature these days – namely, a click-to-pay function that allows merchants to specify Revolut as a payment method when checking out.

Berlin-based fintech company Raisin (“Weltsparen”) now counts the second largest municipal savings bank among its customers, namely Sparkasse KölnBonn with more than 500,000 private checking accounts.

SWK Bank, which specializes in consumer loans, published a few figures on its Swiss fintech subsidiary Good Finance: the company, which was launched in 2018, recently surpassed €260 million (250 million Swiss francs) in consumer loans issued since then.

Highly-funded Berlin-based fintech company Upvest, which offers a trading infrastructure to other financial startups, has found a partner for its custody solution – namely BNP Paribas Securities Services.

__

(Featured image by AKuptsova via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in finanz-szene, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Desmond O’Flynn believes in minimalism and the power of beer. As a young reporter for some of the largest national publications, he has lived in the world of finance and investing for nearly three decades. He has since included world politics and the global economy in his portfolio. He also writes about entrepreneurs and small businesses, as well as innovation in fintech, gambling, and cannabis industries.

Continue Reading