Munich, August 12, 2024:
fulfin, a leading provider of B2B financing solutions for online SMBs, has secured a total of 6.6 million euros with two capital raises in December 2023 and July 2024.
“With this additional capital, our investors have significantly underpinned our joint view that a new type of digital finance offering will be built on top of an open banking-enabled categorization and scoring engine, which in turn requires research and development efforts that banks are not yet committed to. We are highly grateful both for the AI research grant from the German Federal Ministry of Finance and the ongoing support of our investors in enabling us to realize this vision”, says Dr. Fredi Gruber, CEO and co-founder of fulfin.
Most recently, fintech lending businesses have encountered several challenges, namely contracted B2B sentiment due to a drop of B2C customer demand combined with increased input prices due to higher cost of customer acquisition and increased marketplace fees. Investment in fintech companies in Europe has experienced a significant downturn, contracting by approximately 70% from the first half of 2022 to the first half of 2023.
Despite these challenges, and in a tough market environment, fulfin has successfully avoided the fate of many competitors which had been forced to exit the market.
“Investors are betting on strong teams, digital customer journeys, and automated risk models; with this additional capital, we are going to strengthen all three pillars, while also expanding into new verticals. I am excited to drive this forward as part of the executive team of fulfin together with Fredi” says Peer Simon, Chief Growth Officer and incoming Managing Director of fulfin. CEO Fredi Gruber underpins: „The DNA of the management team is that it’s not about “banks versus fintechs”, but rather about combining the best of both worlds. We are convinced that – just as everywhere else in the service industry – production (i.e. refinancing) will follow demand (i.e. embedding). A big shout out to investors, market places and banks: we welcome the dialogue with you – please do reach out to us!”
Press contact:
fulfin – isarlend GmbH
Jan Niklas Behfeld
Machtlfinger Straße 9
81379 Munich
Email: press@fulfin.com