FinTecSystems, a Munich, Germany-based provider of online banking-based information and payment services, completes its first round of financing.
The amount of the deal was not disclosed.
Backers included Heilemann Ventures, MenschDanke Capital and unnamed business angels.
The company intends to use the funds to continue to build the team, expand into new markets and grow marketing efforts.
Led by CEO Stefan Krautkrämer, FinTecSystems develops PaaS and SaaS-based solutions for banks, payment providers and online stores to help reduce credit and fraud risks, provide identity services and realtime payment solutions.
Their recently released new product called FintecSystems RISK enables lenders to obtain real time financial information about their customers using just their online banking account. This results in a more accurate loan application processes by enriching existing application processes or existing data.