Wed, 16/01/2013 - 06:02
Munich-based venture capital firm Target Partners has made a EUR2m investment in Finanzchef24, Germany’s first financial services portal using a direct marketing model to target small businesses and self-employed individuals.
With its proprietary technology for comparing commercial insurance and banking products, Finanzchef24 has focused the launch around business liability insurance, business content insurance, and bank accounts for businesses, with more products to follow over the coming months.
“The service we offer is geared towards small business owners that do not have their own finance director and therefore search online for financial products, just like private individuals,” says Hendrik Rennert, co-founder and managing director of Finanzchef24 together with Felix Schollmeier. “Today’s financial services market for small businesses lacks transparency, and qualified independent consultants are hard to find. What’s more, the traditional quotation process for business insurance results in extremely long waiting periods in the broker market. We aim to solve these challenges for our customers by providing online comparison tools and professional, independent advice over the telephone.”
Target Partners also considers the market conditions to be highly promising: “The overall situation at Finanzchef24 convinced us. We are confident that the financial services sector is ready for more innovation,” says Waldemar Jantz, a partner at Target Partners.
Since its inception, the start-up has been backed by Robert Haselsteiner and Marcus Wolsdorf, the founders of Interhyp, whose investment company HW Capital began investing in Finanzchef24 at the seed stage.
“The conditions in the market for business insurance remind us of the situation in the mortgage space 13 years ago. We also see a lot of parallels to Interhyp in Finanzchef24’s business model, which is why we decided to be active seed investors and support this founding team,” says Wolsdorf.
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