January 3rd, 2020

Varengold launches fintech hub in Berlin

Varengold Bank is launching a fintech hub in Berlin, to better serve current and potential customers in Germany’s capital.

The Hamburg-based bank has placed its strategic focus on fintech financing – primarily online lending platforms – since 2015. It has a number of funding agreements in place with UK peer-to-peer lenders such as Assetz Capital

Varengold already has a physical presence in Hamburg, London and Sofia, but said the Berlin fintech hub reflects the fact that one in three finance start-ups that are founded in Germany have their head office in the capital.

“Among our core values, ‘customer-centric’ is the most important,” Frank Otten, member of the board of managing directors.

“The new fintech hub will add value for our current customers in Berlin because we can provide them with even better service than before. In addition, we will be able to strengthen our ties to potential customers by immersing ourselves more deeply into Germany’s most exciting fintech scene.”

The bank is currently searching for a suitable candidate to head up the Berlin fintech hub. Applicants with experience in both traditional banking business and the fintech ecosystem stand the best chance of securing this position, Varengold said.

Varengold announced last week that it is likely to exceed its profit forecasts for 2019. It said its earnings before interest and taxes for 2019 are set to hit €3.6m (£3.5m). This exceeds the bank’s previous forecast of €3.2m.