German FinTech start-ups raise record €778m in 2018 

Financial technology start-ups have raised more money so far this year than during the whole of 2017, according to a study published on Thursday.

So-called FinTech start-ups – including challenger banks, non-bank payment institutions and price comparison apps – have raised €778 million this year, a significant increase on the €713 million raised last year, the study by the bank Comdirect showed.

Forty-two new FinTech companies have been founded so far this year.

Comdirect chief executive Arno Walter said the upward trajectory in terms of investments showed that FinTech companies were becoming more professional. Many of them work alongside banks, Walter said.

Since the financial downturn, a growing number of companies across the world have sought to create cheaper and more user-friendly alternatives to banks with the help of new technology.

Source: dpa