Brief: Cringle Finishes Companisto Run With €800,000 Raised

Cringle, the smartphone app for users who want to send money to friends across Europe in a matter of seconds, has officially closed its campaign on crowdfunding platform Companisto. The German fintech company secured €800,000 from 1487 investors.

cringle-appCringle was founded in 2014 by Joschka Frieda, Malte Klussmann, Konrad Maruszewski, and Frane Bandov. The company was previously valued at €4,100,000 before the campaign. Since its launch, Cringle’s app been downloaded more than 50,000 times and has transferred approximately € 1 million. The company intends on continuing aggressive expansion plans as it provides a superior money transfer service. Earlier this summer,  “Cringle Connect” was in a second A/B test.  Cringle requires users to manually type in their IBAN and the account holder.

The company’s  “Cringle Connect” was in a second A/B test earlier this summer, which is described as 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. Due to positive results, 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.

Recently, Cringle announced it found an ideal partner in  Axel Springer with a “media for equity investment” agreement of € 1 million. The exact details of the arrangement were not disclosed.

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