Remagine, a financing platform offering banking services to high-growth companies with an ‘impact’ twist, has raised €20 million ($24M) in a Seed funding round. The Berlin-based startup has been operating in stealth mode, but already has 20 clients under its former brand name ‘Get Conscious Growth’. Its backers include former Global Head of Google Payment Jonathan Weiner and former COO of Venmo Michael Vaughn. Remagine’s lead investor is unmade but Techcrunch understands it comprises largely of debt financing.
The fintech will specialize in offering revenue-based financing for high-growth and impact-led businesses, which tends to be more founder-friendly than equity or debt products, allowing them to quickly secure funding while staying in control of their business. Remagine will rollout business accounts in the coming months from its base in Germany, and plans to expand across Europe.
While the fashion in fintech for a while now has been ‘Neo’ or ‘challenger’ banks, there is a new breed arriving: financing platforms. These offer banking services but also offer extra features aimed at new businesses. Another example is Rho in New York, which recently raised $15m.
The ‘twist’ is that Remagine is going to aim at business with a ‘sustainable and impactful’ bent to their business model which might have a ‘positive social and environmental impact’. Remagine itself says it is also committing to impact-driven initiatives and will contribute 10% of its profits to impact causes.
Founded by Julia M. Profeta Johansson and Sebastian Dienst, co-CEO Dienst said in a statement: “We believe capital and technology can be forces for good. When used together, they can be powerful tools that help shape the future. The challenge now is to shape it in a way that aligns people and planet with profit,” said “We believe that every business – big and small – can be more sustainable and impactful. Remagine has been created to help them achieve this.”
Johansson added: “Having already provided financing to numerous companies, the funds raised will allow us to support many more startups towards more impact. With the upcoming launch of our accounts and cards, we’re excited to continue to grow the team, invest further in our products, and help create a world where money and business are forces for good.”
Weiner said: “Sustainability and impact have become increasingly relevant for businesses over the past decade and today, research shows that nearly four-fifths of CEOs are planning to align their business strategy with social and environmental goals.. Remagine’s mission and business model enables founders to consider both their bottom line and their impact. This is the future of financing and we’re delighted to be a part of it.”
Remagine’s products will include Team cards (unlimited separate cards for team members to improve expense management); Multi-IBANs; analytics; zero negative interest; and free accounts. It’s competitors include Finom and Penta, but these tend to focus more on SMEs rather than startups.