Known as Europe’s financial hub, fintech is naturally Frankfurt’s dominant area of expertise, but you might be surprised about what else it has to offer. The large accumulation of capital coupled with the expat community only increases the city’s innovative power.
Here are 10 Frankfurt-based startups to watch out in 2019 and beyond:
Clark – Described as an ‘insurance robo-advisor’, Clark analyses customers’ current insurance coverage and automatically searches for and recommends new and better coverage solutions at the most favourable prices. In 2018 the startup secured the largest Series B funding ever for a European insurtech company, $29 million. Founded in July 2015 and backed by Finleap, the startup has already more than 100,000 customers for its digital insurance service. For a good reason, Bloomberg named them as one of the 50 most promising startups in the world in 2017.
Covomo is an insurance comparison portal that offers an overview of special and supplementary insurance policies for travel, pets, bikes, electronic devices and sports equipment – thus trying to make the insurance market for travellers more transparent and tangible. Comprised of over 40 EU multi-national insurers and 275 participating insurer brokers providing more than 800 objective insurance plans, Covomo closed a financing round of €2 million in 2018 to further expand its product portfolio.
Framen wants to enable TVs to be the next level digital picture frames through its visual content streaming solution that makes it easy and interactive to use any screen as a new marketing channel. Amazon, T-mobile and Wework already use Framen to place their current offers directly where their target audience is. Founded in 2018, Framen offers the most convenient and modern way towards offline advertising.
Giroxx offers international payments at attractive exchange rates and helps SMEs and individuals to save money. They charge a €7 per cash transfer – with no hidden costs, fewer complications and in more than 30 currencies. Founded in 2015 by two financial experts, the BaFin-approved startup will transfer your money with the same security as any German bank. With €1.4 million in funding, Giroxx continues to simplify international money transfers.
Finanzguru is building a smart financial assistant that automatically recognises potential savings for its users and provides a convenient overview of the contracts and finances, as well as personalised tips. The startup began developing its idea during a hackathon at Deutsche Bank in 2016, and two years later it attracted the largest single investment ever made on the German show ‘Höhle der Löwen’. In 2019 they raised an additional Series A financing round from the insurance group HDI.
Innoplexus offers Data-as-a-Service (DaaS) and Continuous-analytics-as-a-Service (CaaS) solutions for large global pharma and life sciences companies, helping them generate smart data and insights to assist in the discovery, clinical development and regulatory compliance of pharmaceutical medicine. In 2019, the company raised a Series C round to further help enterprises make better data-driven decisions.
Node Energy – Founded in 2016 and backed by Climate-KIC, Node energy offers a combination of economy and environmental protection for the energy sector. They’ve developed a software application, called opti.node, that can identify, evaluate and manage the optimal setup for existing or new renewable on-site power generation. With the ultimate goal of minimising energy costs and CO2 emissions, Node energy is facilitating the energy transition.
ChemSquare – This spin-off of the Technical University of Darmstadt provides life sciences companies access to high-quality supplier audit reports from accredited auditors and helps them efficiently organise joint and new audits. Through intelligent pooling, their unique audit platform enables cost reduction of up to 70% whilst in parallel reducing audits of suppliers up to 50%. In 2019 the company raised seven-digit finance round to accelerate growth.
Awamo – Around 400 million people in sub‐Saharan African countries have no access to finance. Awamo is changing that by offering a SaaS solution that allows microfinance lenders in rural Africa to easily and cheaply digitise their business. With offices in Frankfurt and Kampala, Awamo’s product features reliable biometric identification and authentication, is fully designed for mobile use and completely digitises all stages of credit-risk and portfolio management for microfinance institutions. Founded in 2015, they have raised so far more than $3 million to help boost the African economy.
Homefully is a proptech startup that offers contemporary co-living concepts and innovative lifestyle communities in the most popular cities in Europe. The company’s shared community living concept is currently available in Frankfurt, Berlin, Munich, Stuttgart, Hamburg, Cologne, Dusseldorf and Zurich, and it includes furnished shared rooms in high-quality furnished apartments, like-minded people, weekly cleaning, full wifi coverage and many more perks.
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