Berlin-based fintech Quin has raised €1 million in a seed round led by a provider of online brokerage services for heavy traders Sino AG. The US Runa Capital and German APX venture capital funds also participated in the round, reports tech.eu.
Co-founded by Raphael Steil and Christian Rokitta, Quin develops free multi-banking investment platform that helps investors to build and monitor a cost-efficient exchange-traded funds portfolio in few clicks. It uses an open banking approach, so users can connect the platform to their existing bank account.
Quin is targeting the millennial market as the most numerous generation, 43% out of which are not investing at all. To make the process of investing accessible and easy for everyone, Quin provides users with fully automated financial advice and low barriers to entry. For those reasons, it also does not charge any fees or commission on the invested capital.
The startup has already attracted 3,000 users from Germany with plans to expand its service to other countries. It also intends to include a paid version of the product with premium functions and other investment options, such as the ability to connect to several banks simultaneously.
