FinTecSystems, a Munich-based provider of real-time financial data, has closed a Series A round. The investment was led by LITTLEROCK and Ventech with existing backers MenschDanke Capital and Heilemann Ventures also participating.
The size of the round has not being disclosed other than that it is in the seven-figure range.
FinTecSystems’ technology provides financial institutions with data analysis to accurately understand a customer’s financial situation and creditworthiness. The company says this can speed up loan application processes and minimise risk.
FinTecSystems will use the capital to expand beyond Germany and Austria in Europe and consolidate its position in the market.
Germany is seeing growing adoption of the online loans with Bankenfachverband (BFACH) claiming that one in five loans in the region are now processed online. FinTecSystems hopes to increase that ratio through greater usage of digital loan agreements.
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