ImpactAlpha, June 5 – Berlin-based FinCompare, which operates an online platform that helps small businesses find and obtain loans, raised the money to support its growth.
On the platform, small businesses can compare offerings including lines of credit, equipment loans and other kinds of debt from 200 mainstream and development banks as well as alternative financial services providers. Borrowers can close deals on the platform, too.
FinCompare launched last year and has since attracted 2,500 customers in Germany. It has processed enquires for more than €1 billion in business, according to a statement. TechCrunch reports that it receives commissions from each transaction.
- Series A… ING Ventures, the venture arm of Dutch bank ING, led the €10 million ($11.7 million) round. Prior investors Speedinvest and UNIQA Ventures also participated.
- Total funding… FinCompare has raised €14 million in total. It plans to launch in other European markets in the coming year.