German Fintechs Cracked Billion Mark in First Covid Year
The coronavirus pandemic didn’t slow down the growth of fintechs in Germany – and may have even helped it. That’s the result of research carried out by the business magazines Finanz-Szene and Finance Forward using data from the German national government’s official registry.
That project examined 57 fintech start-ups, and calculated that their total revenue in 2020 was EUR 1.187 billion euros. That was the first time the German fintech sector passed one billion in turnover, wrote Finance Forward.
Leading the way was payment provider Sumup with EUR 387 million, followed by neo-bank N26 (EUR 128 million), insurer Wefox (EUR 119 million), ecommerce payment company Ratepay (EUR 58.6 million) and neo-bank Solarisbank (EUR 47 million).
Germany came in at number nine on the Findexable 2021 Global Fintech Index, cracking the top ten after moving up three spots from the previous year.