Brief: German Fintech Cringle Overfunding by Over 450% on Companisto

cringleCringle, a smartphone app used to send money quickly within Europe, is continuing to rally on Companisto.  To date, the fintech app has garnered over 459,010€ from nearly 1000 investors for 8.89% share offered.  The startup’s original funding goal was 400K€, which was surpassed and the campaign was extended to close in late October.

Valued at 4,100,000 €, Cringle was co-founded by Joschka FriedagMalte Klussmann,  Konrad Maruszewski and Frane Bandov. By cooperating with the user’s principal bank, Cringle guarantees one’s bank’s normal high security standards. Cringle counts the Deutsche Kreditbank AG (DKB) as a partner.

By June 2016, the app was downloaded over 35,000 times and used to transfer 900K€. The platform seeks to make “transferring money should be as simple as sending a text message.” Earlier this summer,  “Cringle Connect” was in a second A/B test, a method that enables users to add their bank accounts directly by logging onto their online banking system and verifying it in the same step, Cringle requires users to manually type in their IBAN and the account holder. The results, which were reported in an earlier post, were positive: Cringle users are now requested to sign into their online banking systems during the registration process, offering the possibility of registering in under 60 seconds.

For more detailed financial and campaign information about Cringle and its Companisto campaign, please click here.


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