New Year sees "Germany Finance" set up

German financial centres launch joint platform - Hamburg's fintech ecosystem
12 January 2021
Aerial view of HafenCity

Five major financial centres, including Finanzplatz Hamburg e. V., have founded the GERMANY FINANCE working group and launched a joint platform to boost exchange and to offer a central point of contact for people interested in Germany as a financial centre, a press release said Thursday (January 7, 2021). 

Strengthening industry 

Dr. Harald Vogelsang, Chairman of the Board of Finanzplatz Hamburg e.V., said: "The diversity of Germany's financial centres is a strength. It stands for the excellent provision of local financial services to companies and citizens." GERMANY FINANCE seeks to to strengthen the industry and to communicate the nation's efficiency and attractiveness as a financial centre on an international scale. The German Ministry of Finance has welcomed the initiative, said Dr. Jörg Kukies, State Secretary. GERMANY FINANCE is an informal association of financial centre initiatives from Berlin, Frankfurt, Hamburg, North Rhine-Westphalia and Stuttgart.

Finance as a driving force in metropolitan region

Around 10,000 companies including banks, insurers and fintechs as well as over 50,000 employees make the financial sector a driving force in the Hamburg Metropolitan Region. The Hanseatic fintech landscape consists of around 75 companies and startups (December 2020) that are dedicated to the digitalisation of the financial sector, Fintech Monitor reported. Taxdoo, which specialises in e-commerce, recently completed a Series A financing round and raised EUR 17 million. The company now plans to triple its Hamburg workforce by late 2021.

Hamburg's diverse fintech ecosystem

Deposit Solutions and Finanzcheck.de are among the other established companies. The open banking specialist, Deposit Solutions, is considered the second German fintech unicorn since Deutsche Bank joined in autumn 2019. The credit comparison portal, Finanzcheck.de, managed the "largest exit of a German fintech ever" in 2018, according to Finanz-Szene. Hamburg's first fintech hub is located in HafenCity and the city is also home to Fintech Week, one of the leading German events on the digitalisation of finance.

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Finanzplatz Hamburg e. V. 

Founded in 2007, Finanzplatz Hamburg e. V. now has over 110 members. They include companies in the Hamburg Metropolitan Region's financial sector as well as associations, institutions and committed individuals. The aim is to strengthen the region's competitiveness, to bundle resources and to raise the visibility of Hamburg as a financial centre.

Fintech Agency

The Fintech Agency, founded by Finanzplatz Hamburg and Hamburg Invest, aims to attract more international fintechs to Hamburg. National fintechs are advised and assisted with location issues as well. Every company has its own issues, but many are similar, depending on the company's development stage. The Fintech Agency's offer is divided into four phases to cater to those needs.