Germany-based financial technology company builder FinLeap has raised €21m ($23.6m) in funding from investors including reinsurance firm Hannover Re, TechCrunch reported today.
HitFox Group, the company builder that provided an undisclosed amount of funding for FinLeap in October 2015, also participated in the round, secured at a pre-money valuation of €100m according to an undisclosed source close to the deal.
FinLeap aims to launch multiple fintech companies each year across the 10 countries in which it operates. It supplies up to €5m for each in addition to allowing access to its investor network, integrated development platform and best practice processes.
Ramin Niroumand, FinLeap’s co-founder and managing director, said in a statement: “In the last 20 months, we built nine new companies and typically invested between €500,000 and €5m.
“The first companies will become profitable this year and we are excited to be a key player in driving the digitalisation of the European financial market forward.”