Surprisingly, Viennese Fintech Finabro (website) has renounced its asset management license. Last February, the startup, focused on occupational pension schemes, raised five million euros and recently hired a new head of product, Matthias Heindl. The company’s spokeswoman, Melinda Mihoczy, explains what’s going on:
"As a startup, we are trying out many things, digital asset management turned out not to be profitable in our case, and that's why we discontinued the area. The core area of company pension plans will, of course, remain. We continue to put our full focus on that."Finabro has already brought strong cooperation partners on board, such as Wiener Städtische Versicherung AG, Zürich Versicherungs-AG, Uniqa Insurance Group AG, and other top insurance companies.
According to the EY Start-Up Barometer, the number of financing rounds for startups in 2022 increased compared to the previous year. Still, the total value fell by 18% to around one billion euros. The two scale-ups, Go Student and TTTech Auto, took the lion’s share (55%).
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