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Banxware raises more than €15m Series A

The German fintech has now raised more than €29m since launching in 2020

Fabian Heiß, Jens Roehrborn and Miriam Wohlfarth/Banxware

Fabian Heiß, Jens Roehrborn and Miriam Wohlfarth/Banxware

Berlin-based fintech Banxware has secured a Series A equity round of more than €15m.

The embedded lending solutions provider, founded by Miriam Wohlfarth, Fabian Heiß and Jens Röhrborn in 2020, currently enables 30 platforms in Germany and the Netherlands to offer financing to their business customers.

Clients currently include SumUp, JustEat, Worldline and Qonto, and the company plans to expand its product offering and global footprint with the funds raised.

“It’s about excellence in the product,” co-CEO Wohlfarth told AltFi.

“[It’s about] going international, not everywhere, but in selected countries. And also opening up for more verticals.”

While Wohlfarth couldn’t say yet where Banxware plans on going next given how tough a year it has been in terms of VC funding to fintechs and on a macro-economic level, the company does plan to focus on European expansion first.

It is also focusing on reaching a level of “product excellence”.

“I think you will win the lending race when you have an excellent product,” Wohlfarth said.

“It is better that you really manage the non-performing loans and that your heartbeat is the underwriting product which has to be fantastic, especially in these times.”

The aim, she said, is to be a fantastic tech company with best-in-class underwriting, and to priorities providing that to the countries where they have existing customers.

With 3.6 million SMEs in Germany alone, there is a huge market with a big need for liquidity even before any future European expansion.

The company raised €4m seed funding in 2020 and saw existing investors 13books Capital (formerly Element Ventures), VR Ventures, D4 Ventures and Force over Mass return for the round, which was led by UniCredit and Fabrik, supported by Sella Investment Banking.

The company expanded its seed funding by €10m last January, at which time, according to Röhrborn, it was able to achieve a “high valuation”.

Due to the change in the market environment, “the company valuation has been slightly reduced in the current financing round”, he said, and It is now in the “upper double-digit million euro range”.

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