InnoFinTech funding scheme extended until late 2025
Start-ups in financial technology start-can now avail of around EUR 9 million in grants after the senate announced an extension of the InnoFinTech scheme managed by the IFB Innovationsstarter through late 2025. An extension through late 2023 was announced earlier this year.
Grants for start-ups in financial, property and insurance sectors
Start-ups can receive up to EUR 200,000 each in grants to finance around 90 per cent of the costs of the respective project. A total of EUR 2.1 million is available every year. Start-ups with digital trading platforms and in the property and insurance technology sectors can apply for funding. Around 19 young companies have received around EUR 3 million from the scheme so far.
Industrial master plan
InnoFinTech is part of Hamburg's industrial master plan adopted in 2021 by the Ministry of Finance, the Chamber of Commerce and Finanzplatz Hamburg e. V. which foresees setting up a financial cluster. "Industrial events such as the 'Finance Forward' held as part of the Online Marketing Rockstars festival demonstrate Hamburg's great attractiveness as a centre of innovation in the financial sector," according to Dr Andreas Dressel, Senator for Finance. The InnoFinTech scheme will strengthen the local financial technology ecosystem, he pointed out.