Austria’s Most Prominent and Fastest-Growing Fintech Startups of 2024

Switzerland

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Austria’s Most Prominent and Fastest-Growing Fintech Startups of 2024

Switzerland

News / Switzerland 219 Views 0

Austria’s Most Prominent and Fastest-Growing Fintech Startups of 2024 by April 19, 2024

In Austria, fintech is emerging as a dynamic force within the country’s economic landscape.

The Fintech Technology Report by the Vienna Business Agency, sheds light on key drivers shaping the sector’s growth. It highlights Vienna’s prominent IT sector, buoyed by robust infrastructure and a skilled workforce, alongside the city’s commitment to innovation and research, which serve as primary drivers of fintech advancement.

These drivers have catalyzed the evolution of a thriving fintech ecosystem, which is said to now comprise over 400 companies, according to Tracxn, with digital payments, digital investment and digital assets emerging as some of the most significant trends.

Within this landscape, several ventures have emerged as category leaders, recording substantial growth and garnering investor attention. Today, we look at some of Austria’s most successful and fastest-growing fintech startups in 2024, highlighting their value propositions and recent achievements.

Bitpanda

Bitpanda

Founded in 2014 and based in Vienna, Bitpanda stands out as one of Austria’s premier fintech startups. The company provides a seamless and intuitive platform for both new and experienced investors to trade a diverse range of assets including stocks, exchange traded funds (ETFs), cryptocurrencies, crypto indices, precious metals, and commodities.

With nearly a decade of experience in the crypto and trading realm, Bitpanda holds multiple licenses and registrations across Europe, ensuring adherence to stringent regulations such as VASP, MiFID 2, E-Money, and PSD2. The startup recently attained the coveted crypto license from Germany’s Federal Financial Supervisory Authority (BaFin) and expanded its custody services into the UK market.

With over 4 million users and a listing of more than 3,000 digital assets, Bitpanda has firmly established itself as a major player in the fintech landscape. In 2021, it achieved unicorn status, reaching a valuation of EUR 1 billion following a massive US$170 million fundraise. Bitpanda’s exponential growth trajectory is evident, with a staggering 764% increase in users recorded that same year.

In 2023, the startup’s Bitpanda Pro platform, a digital asset exchange for seasoned trading and financial institutions, rebranded as One Trading after raising a EUR 30 million Series A and becoming a fully-fledged company of its own.

According to CB Insights data, Bitpanda has raised US$497.43 million in funding and is valued at US$4.11 billion.

Wikifolio

Wikifolio

Established in 2012 and headquartered in Vienna, Wikifolio is a rapidly expanding fintech startup dedicated to democratizing the investment market and popularizing social trading among European private investors.

The platform’s innovative approach allows users to explore and replicate trading ideas shared by a diverse array of traders, including full-time investors, successful entrepreneurs, experts from various industries, portfolio managers, and financial editors.

Investors can participate in Wikifolio’s trading strategies by purchasing Wikifolio certificates, which are listed on the Stuttgart Stock Exchange and BX Swiss Stock Exchange. These certificates mirror the performance of the corresponding Wikifolios on a 1:1 basis, enabling investors to track and benefit from their chosen strategies seamlessly.

With strong partnerships with media and product partners, as well as brokers like onvista.de, finanzen100, comdirect, and Société Générale, Wikifolio has established itself as a trusted platform for investors of all backgrounds.

According to Dealroom, Wikifolio has raised EUR 8.5 million in venture capital (VC) funding. Its last round was secured in 2017 and amounted to EUR 1 million.

Blockpit

Blockpit

Founded in 2017, Blockpit stands at the forefront of crypto tax regulation in Europe, offering pioneering solutions to allow individuals and businesses to navigate the complexities of the crypto landscape with confidence and compliance. The company claims it has generated over 1 million tax reports and serves more than 350,000 customers worldwide.

Blockpit’s software provides automated calculation of taxable profits from various crypto activities, including trading, staking, decentralized finance (DeFi), lending, mining, and margin trading. By importing real-time data from popular crypto exchanges and wallets, Blockpit ensures precision and reliability in tax reporting, offering country-specific reports that display taxable profits and other essential information.

In November 2023, Blockpit acquired rival Accointing, marking its entry into the UK market. The acquisition was undisclosed in amount but described as a “multi-million dollar” deal by CEO Florian Wimmer. The development followed Blockpit’s merger with Germany-based firm Crypto Tax, further solidifying its position as a key player in the crypto tax software domain.

Blockpit closed its last round of fundraising in July 2021, securing a EUR 8.4 million Series A. According to CB Insights, the startup has so far raised a total of US$11.48 million in funding.

Morpher

Morpher

Founded in 2018 and based in Vienna, Morpher is a pioneering force in DeFi, dedicated to democratizing trading on a global scale. By leveraging blockchain technology, Morpher enables users to trade virtual replicas of real-world financial markets seamlessly through its proprietary protocol and MPH token. Backed by notable investors including Tim Draper, Morpher aims to break down barriers and making financial markets universally accessible.

The Morpher platform distinguishes itself as the only trading app offering access to a diverse array of markets, including stocks, cryptocurrencies, forex, commodities, indices, non-fungible tokens (NFTs), and more. With features designed for both seasoned traders and newcomers, Morpher boasts zero fees, infinite liquidity, and unparalleled flexibility, allowing users to trade 24/7 and act on breaking news alerts even over weekends. It also offers advanced trading features such as short selling and fractional shares, all powered by the Ethereum blockchain technology.

In February 2022, Morpher secured US$6 million in a Series A round. At the time, the startup claimed 50,000 active monthly users and said it had managed over a million trades. Prior to its Series A, Morpher raised US$1.5 million in 2020.

Finmatics

Finmatics

Founded in Vienna in 2016, Finmatics has emerged as a force in digitalizing and automating accounting processes.

The company’s cloud-based, hardware-independent platform employs self-learning artificial intelligence (AI) algorithms to automate formerly labor-intensive tasks such as document information entry and batch scanning. Seamlessly integrated with existing accounting systems like DATEV, SAP, BMD, and RZL, Finmatics allows organizations to significantly reduce time spent on accounting and document processing by up to 70%, allowing for more efficient resource allocation.

Finmatics claimed a client base encompassing over 900 law firms and 50,000 companies in March 2023, including the majority of the so-called “Big Four” such as KPMG. The startup said at the time that it had increased its total revenue by over 300% over the preceding 12 months.

Finmatics secured a EUR 6 million Series A last year, led by Mangrove Capital Partners with participation from existing investor eQventure. The startup said at the time that it would use the proceeds to fuel further expansion in Germany and the growth of its teams in Vienna and Berlin, as well as drive product development initiatives. It planned to hire up to 20 employees in Berlin and expand into other European markets in 2024.

Monkee

Monkee

Founded in 2018 and based in Innsbruck, Monkee aims to help millions of people achieve their financial goals without building up debt. By offering a novel approach to saving, Monkee strives to revolutionize how individuals perceive and interact with their finances.

At its core, Monkee is dedicated to changing how people think about and manage their finances. The app encourages users to save with purpose, offering a gamified experience that makes saving money both fun and rewarding. Collaborating with over 500 commerce partners, Monkee offers also attractive cashback opportunities, helping users achieve their financial goals more quickly.

With more than 300,000 app downloads and savings goals surpassing EUR 250 million, Monkee has garnered significant traction, underscoring the demand for alternative financial solutions to the prevalent buy now, pay later (BNPL) model.

Monkee raised in April 2024 a seven-figure investment to fuel its ambitions for further growth and expansion. The startup also announced it was expanding its reach to over 150,000 account holders through a partnership with Vereinigte Volksbank Raiffeisenbank (VVRB). The alliance with VVRB will also strengthen Monkee’s product offering, particularly for long-term savings, and bolsters customer trust through a reputable banking partner.

Featured image credit: edited from freepik

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