Fintechs and insurtechs can avail of up to EUR 200,000(US$210,372.00) to finance 90 per cent (maximum) of their costs in 2023 as part of the InnoFinTech scheme.

Launched in 2022 by the Ministry of Finance, the Hamburgische Investitions- und Förderbank (IFB Hamburg) and its subsidiary, IFB Innovationsstarter GmbH, 16 companies have received EUR 2.5 million meantime. Three new tech companies have also settled in Hamburg as a result, the ministry added. A total of EUR 2.1 million are available in this year’s scheme.

IFB Innovationsstarter GmbH awards funding

“The InnoFinTech funding scheme is a successful, initial means of attracting innovative financial companies especially fintechs, insurtechs, legaltechs and regtechs and to support their start-up and growth,” said CEO of IFB Hamburg, Ralf Sommer. Interested start-ups can apply to IFB Innovationsstarter GmbH.  The Fintech Agency, launched by Hamburg Invest, offers start-ups comprehensive information and advice on finding sites, the location and growth.

Financial Services Master Plan

The funding scheme is part of the Financial Industry Master Plan adopted in 2021. “We and our partners, the Chamber of Commerce and Hamburg as a financial centre aim to  support young companies in the fintech and insurtech sectors with the Financial Industry Master Plan,” said Dr. Andreas Dressel, Senator for Finance. This will allow the ministry to prepare Hamburg’s financial services sector for the future. The InnoFinTech scheme has boosted the start-up scene in Hamburg and beyond, Dressel added.