Munich, September 11th 2020. FinTecSystems (FTS), the leading infrastructure fintech for open banking and account data analysis, announces that it generated revenues of EUR 3.12m in fiscal year 2019. Thus, as in past years, the open banking fintech more than doubled its earnings from the previous year. In 2020, the result is also expected to be approximately doubled.
Since spring 2020, FTS has been operating profitably and expects a clearly positive six-digit profit for the full year 2020. This makes FTS an exception among fintechs in growth phases. In previous years, FTS could already gradually decrease annual losses. In 2019, the loss was just under 1m EUR, compared to 1.7m EUR in 2018.
“Open Banking is becoming the central infrastructure of digital banking. With more than 6,000 connected banks and over 150 customers, we see FTS as the open banking market leader in the German-speaking region and are pleased about our strong growth in recent years. We want to further expand this growth rate. Business has grown faster in recent months than we had initially planned, and Covid-19 has further accelerated the online trend which supports our performance,” says Stefan Krautkrämer, Founder and Managing Director of FTS.
In the coming months, FTS intends to expand its technology and market leadership. To this end, more than 2m EUR will be invested in product development in 2020 alone, which will flow, among other things, into the further development of the automated, machine learning based categorization of financial data, which is a basis for the complete automation of credit decisions. Already today FTS provides the technological infrastructure for 3 out of 4 access to account based online loan applications in Germany.
FTS also plans to expand internationally with its existing customers. Besides Spain, Italy and France, the Benelux countries are also on the roadmap. For international growth, expansion of product and market leadership as well as team growth from 60 to up to 90 employees, the company plans to raise additional capital from 12 to 15m EUR from external investors in the course of next year.
FinTecSystems (FTS) is a B2B Fintech, founded in 2014 and BaFin-licensed since 2019, specializing in open banking infrastructure and (financial) data analysis. The company is managed by the experienced founders Stefan Krautkrämer and Dirk Rudolf, who are considered the initiators of PSD II and Open Banking due to their previous foundation of SOFORT Überweisung, which they later on sold to Klarna. Through this history, the FTS team has reliably forecasted industry developments on several occasions and has supported customers and supervisory authorities with its knowledge. FTS is the clear market leader in the area of open banking in the German-speaking region. The company provides access to more than 6,000 banks and reaches over 500 million end customers. More than 150 companies, including financial institutions such as Santander, DKB or N26, international corporates such as Experian as well as fintechs and comparison portals, rely on the technology and data analysis of the fintech. FTS claims to have the most powerful analysis engine on the market with an accuracy in categorizing data of over 98%.