The social payment app Lendstar is raising seven-figure capital from existing and new investors. The previous lead investor, DvH Ventures, is among the backers.
The app has already garnered well over 100,000 downloads. Users can connect their checking account to the app and send, share, and lend money to each other.
The investment capital will primarily be used for marketing and further team development. Christopher Kampshoff, founder and CEO of Lendstar, says:
"We have not only succeeded in positioning a successful product on the market and becoming the market leader in Germany, but also in establishing a functioning business model. And we have done so in a market that was long considered difficult to monetize."
LendstarPAY offers online shops a new payment method
Online shops will soon be able to offer the new LendstarPAY product as a payment method. Investor and "lion" Jochen Schweizer has already integrated LendstarPAY into his company's app. The startup has also already secured seven banks as cooperation partners. These offer their own co-branded versions of the app. More banks are expected to follow in the coming weeks.
Lendstar is available in German and English for iOS and Android.
