Germany-based banking group Varengold Bank announced on Monday it has opened its new fintech hub in Berlin. According to Board of Managing Directors member, Frank Otten, the new hub will “add value” for the Varengold Bank’s current customers in Berlin because the bank will provide them with “even better service” than before.
Founded in 1995, Hamburg-based Varengold Bank became fully licensed in 2019 and is registered with the German Federal Financial Supervisory Authority (BaFin) and is listening at Deutsche Börse. The company has branch offices in London and Sofia.
“Our major competencies are Marketplace and Transaction Banking and an Europe-wide support of FinTech-companies, especially lending platforms. Thus, allowing them to grow in size and relevance. ‘Skin in the game’ is our mission and as an agile and innovative partner, we focus on the early stages of a platform’s development by providing mainly debt facilities. Besides our funding strength, we are specialized on regulatory matters by fintechs who want to enter the German market. Management Board members are PhD Bernhard Fuhrmann and Frank Otten who together with an international, creative and driven team are steadily modernizing the financial landscape.”
Varengold Bank also reported that the candidate search for the hub is currently underway. Each of the hub’s candidates must have both traditional banking business and fintech ecosystem experience will be considered for these positions.