Cashboard, a Berlin-based online investment startup, announced that it has raised €3 million from a Luxembourg-based fintech fund Digital Space Ventures.
The funding took place as Germany's fintech industry continues to flourish and also saw its existing investors Redalpine Capital and Earlybird, taking part in this round. Recent KPMG and CB Insights report stated that German fintech is attracting more investment than British fintech in 2016.
"Germany in the last year, it has moved to be one of the core areas for fintech," Robert Henker, CEO of Cashboard told Business Insider. “Europe, in general, is quite segmented, which means it's hard for European startups to reach scale compared to the US. With fintech, it's quite easy in Germany because it's a good continental market. The legislation, although quite fragmented, is relatively harmonized in Europe."
The company, founded in 2014, allows people to invest their money across a variety of instruments and a variety of providers. According to Henker, the funding will go towards expanding Cashboard's team and scaling up the business. Cashboard plans to expand its operations in Asia and Eastern Europe.
"We have already had international clients from France, UK, but also China, Russia, Brazil. Our biggest international client is Chinese,” he added.
