Munich ranks second among Germany's fintech hubs. Berlin leads the ranking of a recent study. The banking metropolis of Frankfurt follows in third place.
Last year Frankfurt was still on par with the Bavarian capital in terms of the number of financial startups. Now Munich has consolidated its second place in Comdirect's fintech ranking. In 2017 and 2018, 22 new financial startups were founded in Munich, five more than in Frankfurt. The study counts a total of 100 fintechs based in Munich. The city on the Isar also has the edge over "Mainhattan" in the number of financing rounds: In 31 rounds, Munich fintechs raised a total of 174 million euros in venture capital in 2017 and 2018 (as of the end of September). In Frankfurt, the figure was 36 million euros, which were distributed to local financial startups in 18 financing rounds during the same period.
"Munich impresses with a balanced mix of founders and investors. Frankfurt, on the other hand, still falls short of its own expectations as a fintech location. The number of new companies has even dropped from 25 to 17 compared to our last study,"
says Arno Walter, CEO of Comdirect.
Hamburg misses the fintech podium
Berlin maintains its first place in the fintech ranking. The 249 financial startups active in the capital raised a total of €854 million in venture capital in 2017 and 2018. Hamburg, in fourth place, falls short of the German fintech podium. Following at a considerable distance are Cologne with 28 active startups and Düsseldorf with 18.
