Funding Bonanza for Auxmoney
Düsseldorf fintech start-up Auxmoney landed the coup of 2020 thus far in early September, raking in EUR 150 million in financing from New York VC fund Centerbridge.
Auxmoney specializes in bringing investors together with companies and freelance entrepreneurs needing credit but unable to raise it from conventional banks. A risky business, one might think, in the midst of the economic disruptions caused by the coronavirus pandemic, but Auxmoney says its clients’ rate of insolvency is no higher than normal.
The company told the Frankfurter Allgemeine Zeitung newspaper that it has brokered two billion euros worth of credit, 700 million last year alone.
Auxmoney CEO and co-founder Raffael Johnen says he expects consolidation within the fintech sector but sees his company as well equipped to deal with the transition after the latest round of funding.
“Together, we’re pursuing the goal of making Auxmoney into one of Europe’s leading digital credit providers,” Raffael Johnen told the newspaper.