InnoFinTech program launched

Hamburg Hamburg, March 24, 2022 – InnoFinTech program launched. New program supports the emergence and development of innovative startups with grants of up to €200,000 in the startup and development phase.

A new funding program for young companies in the financial sector is being launched in Hamburg. The „InnoFinTech“ program is designed to support startups and the establishment of young, innovative companies from the FinTech and InsurTech sectors as well as related segments (e.g. LegalTech and PropTech), and to facilitate the implementation of new projects by young companies that have already been established. The funding includes 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 location exploration, location 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.

Senator Dr. Andreas Dressel: „Together with our partners, the Chamber of Commerce and the Hamburg 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. This is precisely where our InnoFinTech program under the umbrella of our development bank IFB comes in; it is a good lever to effectively support startups in their startup phase in Hamburg. As a bonus to the funding program, all of our Masterplan partners want to actively assist new companies in Hamburg with all settlement and networking issues. We look forward to new companies and new jobs in this important industry in Hamburg!“

Dr. Malte Heyne, Chief Executive Officer Hamburg Chamber of Commerce: „A dynamic start-up ecosystem is an innovation driver for a sustainable and digital transformation of Hamburg’s economy. The financial sector has the task of financing and helping to shape this challenge. FinTechs themselves can accelerate this transformation through new technologies and innovative products. The establishment of young companies from the FinTech and InsurTech sectors is therefore important for our location. We welcome the new funding program, which specifically builds on already well-tested and established structures.“

Dr. Harald Vogelsang, Chairman of Finanzplatz Hamburg e. V.: „A strong fintech scene is important for the future viability of the entire financial center. Hamburg is already a well-established fintech location in Germany and Europe with an above-average share of young fintechs. The InnoFinTech program has the potential to support the players in the location in a way that is tailored to their needs and, moreover, provides incentives for new players to settle here.“

Ralf Sommer, Chairman of the Board of Managing Directors of Hamburgische Investitions- und Förderbank: „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 an initial impetus for the settlement of innovative companies from the financial sector, in particular FinTechs, InsurTechs, LegalTechs and RegTechs, in order to support their establishment and growth.“

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