The small and medium-sized enterprises (SME) focused neobank has now raised more than EUR 40 million in capital since receiving the banking licence from the Danish FSA in March 2021.
The capital increase, which was driven by both new and existing investors, will give kompasbank an opportunity to deepen current customer relations and to better serve and develop additional financial services targeted to SMEs.
For this specific capital round, the investors have been focusing on three core elements: the growth of kompasbank’s existing customer base, their independent banking platform, and their opportunity to scale the business model significantly.
kompasbank aims to use their international footprint to serve their customers in a differentiated way, which also allows them to operate on different markets with attractive diversification as an added asset.
kompasbank is a Danish bank for SMEs that provides loans for fixed- and current assets, working capital, property, and minor acquisition financing. kompasbank secured a full EU banking license from the Danish FSA in March 2021 and began operations in full by January 2022. The bank licence is applicable to all EU countries, and is currently operating in Denmark, Germany and Spain.
In the first half of 2022, kompasbank had a lending growth of 842% to EUR 60 million and a total balance of EUR 88 million. Both deposit and loan growth has been maintained into the second half of 2022, where the bank also launched a new business-to-business (B2B) marketplace with digital services for SMEs.
In 2021 kompasbank has announced it is operating on the nCino Bank Operating System. With nCino, kompasbank was able to deliver the personalised, high-tech, digital banking experience clients have come to expect. Clients and employees will be able to access the platform anytime, anywhere and from any internet-enabled device, increasing engagement and enhancing communication. Through its use of nCino, the bank is able to provide clients with greater visibility into their loan process, and employees will be armed with streamlined loan origination workflows and insights into the entire client journey, allowing them to place clients’ needs first and focus on strategic initiatives.
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