Remagine, a financing platform providing banking providers to high-growth firms with an ‘impression’ twist, has raised €20 million ($24M) in a Seed funding spherical. The Berlin-based startup has been working in stealth mode, however already has 20 shoppers below its former model identify ‘Get Conscious Growth’. Its backers embrace former Global Head of Google Payment Jonathan Weiner and former COO of Venmo Michael Vaughn. Remagine’s lead investor is unmade however Techcrunch understands it includes largely of debt financing.
The fintech will focus on providing revenue-based financing for high-growth and impact-led companies, which tends to be extra founder-friendly than fairness or debt merchandise, permitting them to shortly safe funding whereas staying in command of their enterprise. Remagine will rollout enterprise accounts within the coming months from its base in Germany, and plans to increase throughout Europe.
While the style in fintech for some time now has been ‘Neo’ or ‘challenger’ banks, there’s a new breed arriving: financing platforms. These supply banking providers but additionally supply additional options aimed toward new companies. Another instance is Rho in New York, which lately raised $15m.
The ‘twist’ is that Remagine goes to intention at enterprise with a ‘sustainable and impactful’ bent to their enterprise mannequin which could have a ‘optimistic social and environmental impression’. Remagine itself says it is usually committing to impact-driven initiatives and can contribute 10% of its earnings to impression causes.
Founded by Julia M. Profeta Johansson and Sebastian Dienst, co-CEO Dienst stated in an announcement: “We imagine capital and know-how may be forces for good. When used collectively, they are often highly effective instruments that assist form the long run. The problem now could be to form it in a manner that aligns individuals and planet with revenue,” stated “We imagine that each enterprise – massive and small – may be extra sustainable and impactful. Remagine has been created to assist them obtain this.”
Johansson added: “Having already supplied financing to quite a few firms, the funds raised will permit us to help many extra startups in direction of extra impression. With the upcoming launch of our accounts and playing cards, we’re excited to proceed to develop the workforce, make investments additional in our merchandise, and assist create a world the place cash and enterprise are forces for good.”
Weiner stated: “Sustainability and impression have change into more and more related for companies over the previous decade and as we speak, analysis exhibits that almost four-fifths of CEOs are planning to align their enterprise technique with social and environmental targets.. Remagine’s mission and enterprise mannequin allows founders to contemplate each their backside line and their impression. This is the way forward for financing and we’re delighted to be part of it.”
Remagine’s merchandise will embrace Team playing cards (limitless separate playing cards for workforce members to enhance expense administration); Multi-IBANs; analytics; zero adverse curiosity; and free accounts. It’s rivals embrace Finom and Penta, however these are inclined to focus extra on SMEs slightly than startups.