First funding through New "InnoFinTech" program

Hamburg Hamburg, May 24, 2022 – First funding through New Program „InnoFinTech“.

Hamburg-based companies Stargazr and SideCaps are the first two startups to receive funding from the new „InnoFinTech“ program. The funding program for young companies in the financial sector, which was launched at the end of March, is intended to support startups and the establishment of young, innovative companies from the FinTech and InsurTech sectors and related segments (e.g. LegalTech and PropTech), as well as to facilitate the implementation of new ventures by young companies that have already been established.

Finance Senator Dr. Andreas Dressel: „It is a nice start signal that the first two companies can now be funded through the recently launched ‚InnoFinTech‘ program. Together with our partners, the Chamber of Commerce and Hamburg as a financial center, we have set ourselves the goal of supporting young companies from the FinTech, InsurTech, LegalTech or PropTechs sectors with the Financial Industry Master Plan, thereby raising the value creation and job potential for Hamburg as a business location. The ‚InnoFinTech‘ funding program is starting in the right place – we look forward to even more new companies and new jobs in this important industry in Hamburg!“

Clemens Vatter, Chairman of the Awards Committee for InnoFinTech Funding, Member of the Board SIGNAL IDUNA: „With the goals of business and politics to make Hamburg a digital gateway to Europe and at the same time to develop the topic of sustainable finance into a focal point of the industry, it was only logical for the city to establish FinTech funding. I am delighted that the program has got off to a successful start with these two companies.“

Ralf Sommer, Chairman of the Board of Managing Directors of Hamburgische Investitions- und Förderbank, said, „In the Financial Industry Master Plan, fields of action were agreed to broaden and sustainably strengthen Hamburg as a financial center. With our new funding program, we want to provide initial impetus for the settlement of innovative companies from the financial sector, especially FinTechs, InsurTechs, LegalTechs and RegTechs, in order to support their establishment and growth. We are pleased to support Stargazr and SideCaps, two promising startups, in establishing themselves in the market, further fostering the potential of this industry.“

Stargazr is an AI-based Financial Planning&Analysis software-as-a-service solution designed specifically for finance teams at manufacturing companies. Using an intelligent recommendation feature, controllers and chief financial officers (CFOs) receive suggestions for operational actions to address organizational weaknesses in companies, thereby initiating cost savings. The product aims to support customers in decision-making and business management through an analysis and planning tool.

As a FinTech, SideCaps operates a platform business model that facilitates large-volume trading (so-called block trading) and information gathering in the segment of small and medium-sized listed companies (so-called small caps). In this context, SideCaps offers two products: The transaction platform „SideCaps Pool“ and the content platform „SideCaps Insights“. SideCaps thus radically simplifies investments by institutional and semi-professional investors in small caps and focuses on transparency and technological innovation.

Funding through the „InnoFinTech“ program basically comprises up to 200,000 euros in subsidies per startup, which can be used to finance up to 90 percent of the costs of the eligible project. Applications for the funds can be submitted to IFB Innovationsstarter GmbH, a subsidiary of IFB Hamburg. „InnoFinTech“ is a joint project of the financial authorities, the Chamber of Commerce and Finanzplatz Hamburg e. V. as part of the Financial Industry Master Plan adopted in the fall of 2021 and has been allocated funds of €2.5 million.

Accompanying the financial support program „InnoFinTech“, the startups are supported with further offers. The FinTech Agency offers a comprehensive range of information and consulting services on site exploration, site direction and growth. Finanzplatz Hamburg e.V. will actively arrange contacts between the startups and its own member companies. The Hamburg Investors Network (HIN) will establish a systematic matchmaking process for the target group to bring FinTechs together with business angels and other investors.

Background
Since autumn 2021, the partners Finance Authority, Chamber of Commerce and Finanzplatz Hamburg e.V. have been contributing to ensuring that Hamburg is positioned for the future and sustainably strengthened in the financial services sector with the adopted „Hamburg Financial Industry Master Plan 2021 -2025“ (Bürgerschaftsdrs. 22/5889). To this end, new growth potential is identified and leveraged. The benchmarks are successful financial locations of comparable size and framework conditions throughout Europe – this is an important signal to an industry that is central to Hamburg in the new start-up phase now pending after the Corona crisis.

More information on the funding program is available here and here: innovationsstarter.com/innofintech

More information on the accompanying measures: fintech-hamburg.com/agency