Berlin-based FinTech Forget Finance closes EUR 3.5 million in seed funding for personalized financial advice
- The round is spearheaded by venture capital firms btov Partners and UVC Partners. Other new investors include TA Ventures, Nino Ulsamer (founder of StashAway), and ZEITGEIST Tech Ventures. Returning business angels include Interhyp founder Marcus Wolsdorf and Florian Brokamp from Thinksurance.
- Forget Finance receives €3.5 million in seed funding for its vision of the first holistic finance platform for Millennials. The startup announces further integrations, including savings accounts, insurance, crypto, and the automation of the users’ entire financial life.
- In December 2021, the Berlin-based B2C FinTech, founded in 2020 by Konradin Breyer and Jurek Herwig, launched the first personalized and empathetic financial coaching app for saving and investing, developed in collaboration with 10,000 Millennials.
Berlin, 23 February 2022. The digitization of personalized advice is lagging in the financial sector. Among neobanks, robo-advisors, and investment apps, the Berlin FinTech Forget Finance positions itself as the first finance app to motivate young people to save and invest using an online coaching mix of AI bot and real financial experts. Forget has collected 3.5 million euros from well-known venture capital funds on the finance and tech scene for developing a holistic, all-in-one platform for personal finance. The round is spearheaded by the VCs btov Partners and UVC Partners.
“The two founders of Forget impressed us immediately with their vision of adapting financial advice and personal banking to the needs of a digitally savvy generation. Although stock investing with Trade Republic and Co. has reached mobile phones, many young people lack financial education and guidance. This is where Forget Finance, with the first personalized financial platform to fit the lifestyle of young people, comes in." – Luca Martinelli, Partner at btov Partners
A fresh take on financial advice
For the first time, Millennials can plan their financial goals using just the Forget Finance app and invest without any prior knowledge, while automating their finances for the long term. Users have direct access to a new type of hybrid financial advice: the AI bot, Coin, is available to them 24/7, providing personalized insights into their financial plans via the app. Anyone who would like additional advice from human experts can use a WhatsApp chat to discuss their individual situation with Forget's own financial coaches. Forget's goal is to motivate those people who have little interest in financial topics and who are overwhelmed by the massive growth in financial content on the Internet to start saving and investing. In keeping with the trend towards maximum convenience, the Forget app simplifies the user's entire financial life through smart automation and integration of their existing bank account.
“In our first phase of business, we showed how the financial advice of tomorrow will look. In the second, we are building the digital bank of the future which offers individual guidance, simplifies, and automates our users’ entire financial lives. We are very pleased to have btov Partners and UVC Partners on board as key investors on our mission.” – Konradin Breyer, Co-founder & CEO
The bank of tomorrow: a holistic financial platform
Following the development of the product last year in collaboration with 10,000 Millennials, Forget was able to engage several thousand people to start using the app as soon as it was launched in early 2022. With the fresh capital, the two founders Konradin Breyer and Jurek Herwig want to expand Forget Finance over the next five years into a holistic all-in-one platform for personal finance. This year, in addition to the already existing sustainable wealth management, other financial products such as insurance, crypto, and donations will be integrated into the app's hybrid coaching layer. The team that currently comprises 10 people will triple over the next 12 months. Forget Finance works with more than 80 partners, including digital asset managers, banks, tax software, and insurance companies.
“As a phone-based financial coach, Forget Finance has the potential to become an important and unique FinTech player in the European market. From our very first conversations, we recognized the team's exceptional understanding of the needs of Millennials. Konradin and Jurek's experience in digital products and banking, together with the company's vision, make Forget Finance an attractive investment for UVC Partners.” – Johannes von Borries, Managing Partner at UVC Partners
The seed funding of 3.5 million euros is spearheaded by the two VCs btov Partners and UVC Partners. Btov’s investments include DeepL, the world's leading translation software, and FinTechs such as SumUp, Raisin, and Ledgy, and will support Forget Finance with its established FinTech expertise. With investments in DeepTech startups and B2C companies such as FlixBus, UVC Partners provides valuable know-how for the scaling of a successful technology product as well as a large network of companies and students.
Other investors are Nino Ulsamer, founder of StashAway, one of the leading robo-advisors in Southeast Asia, TA Ventures, a pan-European FinTech VC, the two Orderbird founders Jacob Schreyer and Artur Hasselbach, along with the family office of entrepreneur Vincent Bodo Andrin (ZEITGEIST Tech Ventures).
Even before the app was launched, the team managed to attract important figures on the startup scene at the pre-seed financing stage, including Hanno Renner (Personio) and Patrick Andrä (HomeToGo). Investing again in the seed round were, among others, HW Capital, the investment company of interhyp founders Marcus Wolsdorf and Robert Haselsteiner, as well as company founders Florian Brokamp (Thinksurance) and Reiner Mauch (Cortal Consors).
About Forget Finance
The Berlin B2C FinTech Forget Finance was founded in Berlin in 2020 by Konradin Breyer and Jurek Herwig. It launched the first financial coaching app for saving and investing in December 2021. The hybrid financial advice from their AI bot and human experts motivates young people to make early provisions for their financial future. Over the next five years, Forget aims to become the first all-in-one holistic personal finance platform. So far, 4.2 million euros have been invested in the FinTech by well-known figures from the finance and tech scene, such as Interhyp founder Marcus Wolsdorf and the two VCs btov and UVC Partners.
About UVC Partners
UVC Partners is a Munich- and Berlin-based early-stage venture capital firm that invests in European B2B startups in the areas of enterprise software, industrial technologies, and mobility. The fund typically invests between € 0.5m - 10m initially and up to € 30m in total per company. Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation, and business creation center. With over 300 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners.