Berlin-based Remagine, a finance platform for businesses, has raised €20M in its Seed round of funding. The round saw participation from diverse investors including renowned international fintech business angels such as former Global Head of Google Payment Jonathan Weiner and former COO of Venmo, Michael Vaughan.
Use of the capital
The raised funds in this round will be used by Remagine to accelerate its product development and expand its team. In addition, the funds will also be used to create a financial platform that supports and rewards businesses for being more impactful.
The German fintech has already provided over 20 revenue-based financings to startups while operating in stealth mode.
Julia Profeta Johansson, co-founder of Remagine says, “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.”
The company was founded in 2019 by Julia Profeta Johansson and Sebastian Dienst. Both serial founders and impact investing experts are guided by the belief that every business can be more sustainable and impactful without compromising growth. Their company Remagine provides a financial platform tailored to founders, which helps them to accelerate their positive social and environmental impact.
In addition to that, the platform also claims to ease the transition to a more responsible and sustainable world through its own operations – for example, Remagine has committed to a number of impact-driven initiatives, per account opening, financing and card transactions made. The startup has also pledged to contribute 10 per cent of its profits to impact causes.
Sebastian Dienst, co-founder of Remagine says, “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. We believe that every business – big and small – can be more sustainable and impactful. Remagine has been created to help them achieve this.”
Offering product and services for a better tomorrow
Jonathan Weiner, former Head of Google Payment and investor believes, “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. While startups continue to disrupt new verticals practically daily, we’re really starting to understand how the technologies they introduce have the power to guide us in a better direction. 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.”
Some of its products are:
- Team cards – unlimited separate cards for team members to improve expense management
- Multi-IBAN – split payments across IBANs for more precise accounting
- Analytics – an omni-channel dashboard that integrates all accounts
- Zero negative interest – no negative interest rates are applied to any deposit amount
- Free accounts – companies that have impact at the core of their strategy will be able to apply for a free account
What does Remagine mean for startups?
The startup claims to be a pioneer of revenue-based finance in Europe. A more founder-friendly form of financing than equity or traditional debt products, revenue-based finance allows founders to quickly secure funding while keeping full control of their business.
The financing is available to digital businesses with more attractive terms planned for companies that score highly on Remagine’s proprietary impact assessment scale.
Remagine supports founders with between €25K to €1M in funding, without taking equity, board seats, personal guarantees or warrants. The fintech thereby enables its clients to stay in control of their business.