© figo

Hamburg is a hot spot for FinTech start-ups

Kreditech is one of Hamburg's many up and coming firms., Code Rouge provide event format for FinTech sector

FinTech start-ups are one of the biggest trends in the founders’ scene. The Hamburg Start-up Monitor lists 15 companies that are presenting innovations in the financial technology sector.

Start-up garage in Hamburg

FinTech start-ups develop solutions for application systems that amount to a new or further development in the financial services sector. Mariusz C. Bodek, comdirect Start-up Garage, confirmed the existence of many hopeful start-ups in the sector to Hamburg News. Based in the betahaus Hamburg, com direct Start-up Garage supports financial technology start-ups across Germany with resources and know-how. He noted: “Apart from model examples of start-ups like Figo and Kreditech, there are various B2B payment providers and P2P projects such as Tabbt in Hamburg.”

VISA, UBS, auxmoney and kontoalarm

Hamburg News reported earlier on Figo and Tabs. Figo is a banking API that allows developers of financial services to connect with users’ bank accounts. Meanwhile, over 300 developers use the Figo banking API. As it can be easily integrated, companies connect their products and services to banks and develop banking services based thereon. André M. Majorat, co-founder and manager of Figo, is satisfied with the banking API. He noted: “Credit card companies like VISA, banks such as UBS and a string of FinTech companies like auxmoney and kontoalarm have products and applications based on Figo’ technology.”

“Put it on my tab“

The Tabbt start-up focuses on financial management in the private sector. Its app helps users manage small sums of money exchanged among friends and acquaintances. Once the app is downloaded, friends just add each other to it. Then outstanding debts are just added and there is no need to deal with hard cash. Tabbt was founded by Jan Michaelis and Lucas Romero in 2014. The app has been available in stores since early 2015. The company says it has several thousand users mostly in Germany. Tabbt is an acronym formed from “put it on my tab”.

big data and complex algorithms

The Hamburg-based start-up Kreditech works successfully with financial products to integrate the “underbanked” into the financial system. Big data and complex self-learning algorithms are used to evaluate end customers’ financial standing. The innovative technology based on 20,000 data points enables also those applicants access to financial services, who are usually rejected by mainstream banks due to their missing credit history. In this way new customers can be identified, acquired, scored and paid out within seconds; existing customers are being further developed into the financial system. Subsidiaries of the Kreditech group, which was founded in 2012 by Sebastian Diemer and Alexander Graubner-Müller, work in five major markets, Spain, Poland, Czech Republic, Russia and Mexico.

FinTech events

A special event format is offered for FinTechs in Hamburg to boost the branch., CodeRouge experts and young professionals hold talks on issues in financial technology. During the opening event on 28th of January at Hamburger Sparkasse, FinTech experts at KPMG, Kreditech and Zinspilot discussed loans and the sector’s potential.

Sources and further information:

About Hamburg Startups

The Hamburg Startups team and founders Sina Gritzuhn and Sanja Stankovic are committed to effective networking and improving the visibility of the Hamburg start-up scene. Apart from events like the Startups@Reeperbahn Pitch and the Hamburg Startups Mixer, they have set up a joint platform called Hamburg Startup Monitor offering a clear view of all start-ups in the city. The team monitors the start-up scene regularly to promote the international perception of the city of Hamburg as a founder’s metropolis. The Hamburg Startup Monitor gives an overview of around 400 start-ups in the city.

More articles

  • There are no older articles in this category.
  • There are no newer articles in this category.