XAnge, an investment firm backed by French postal service La Poste, has participated in a $5.6m series A round for Germany-based fintech startup Savedo.
Kreos Capital, Point Nine Capital, German Startups Group and fintech incubator FinLeap, which helped create the company, also provided capital. Media company WeltN24 signed a media-for-equity deal as part of the round, though further details have not been disclosed.
Founded in 2014, Savedo acts as a middleman for consumers who want to invest their money in savings products provided by EU-based banks that offer higher rates of interest than domestic financial services firms. The platform is currently available for users in Germany, Austria and the Netherlands.
The money will help Savedo attract additional banks, expand into additional countries, develop new features and optimise its platform.
Savedo’s total funding now stands at more than $10m. It had raised seed capital from DvH Ventures, the venture capital affiliate of publisher Dieter von Holtzbrinck, FinLeap, Point Nine, Cherry Ventures, HW Capital and angel investors across three rounds, though it has not revealed individual details.
Bernhard Schmid, member of XAnge’s management board, said: “Savedo has become one of the leading fintech companies in the investment sector over the past year.
“The rapid initial development of the company and the team around co-founders Christian Tiessen and Steffen Wachenfeld have really impressed us. We look forward to working with Savedo.” [translated from German by Global Corporate Venturing]