A Berlin-based banking and finance platform, Remagine, has secured a hefty sum of €20 million (US $24M) in a seed investment announced today, January 26, 2021. The seed round was led by Jonathan Weiner (former head of Google payment) and Michael Vaughan (former CEO of Venmo). Remagine has been carrying out operations stealthily over the years but still possesses 20 clients under its former brand name, “Get conscious growth”. The company is “impact-driven” and as such, only seeks to finance startups that show sustainability and impact in their business model.
Purpose of the Investment
Remagine plans to utilize the proceeds of the investment in providing revenue-focused finance to high growth and impact-led startups as opposed to equity or debt products. This allows the startups to speedily obtain funding while maintaining control over their businesses. Remagine also intends to use the investment in expanding their reach across Europe.
Products & Services offered
Remagine offers a new innovation in the fintech industry known as “financing platforms”. The latest trend in the industry has so far been “Challenger” and “Neo” banks until the birth of financing platforms. Remagine provides banking services to users as well as extra features. The startup is mainly focused on financing startups at their early stage. Remagine’s products and services include the following:
- Free accounts
- Multiple International Bank Account Number
- Unlimited cards for team members meant to aid expense management
- Zero negative interest
Growth and Trends
As a company that offers founder-friendly financing, Remagine seeks to fund startups that help shape a better future for various industries. Having been officially founded in 2019, the company’s growth rate is astounding and with no limits in sight. Remagine supports founders with €25K to €1 million in total funding and without taking board seats, warrants, equity or personal guarantees. They simply agree on a percentage of future revenue to be earned until the capital and fixed interest is settled. The fixed interest varies from 6% to 12% depending on the purpose of the expense. Backed by renowned angel and institutional investors, the company plans to launch business accounts designed for startups familiar with profits, people and planet matter.
Founders and Investors Insight
According to Co-CEO Sebastian Dienst, “We at Remagine hold a strong belief that technology and capital can be forces for good, capable of shaping the future depending on use. The challenge here lies in shaping it to align the planet and people with profit. We also believe that all businesses whether big or small can be more sustainable and impactful. Our purpose lies in helping them achieve this.”
Co-CEO Julia Johansson added, “Having provided a lot of finance to many startups, we’ll be able to help even more startups towards impact with the proceeds gained. As we plan the launch of our cards and accounts, we are enthusiastic about growing the team, investing more in our products and helping to shape a world where business and money are forces for good.”
In the words of Weiner (One of the lead Investors), “Sustainability and impact have become increasingly important for businesses over the past decade and today, research shows that nearly four-fifths of CEOs are planning to align their business model with environmental and social goals. Remagine’s mission and business strategy enables founders to consider both their impact and their bottom line. This is the future of the financial service industry and we’re thrilled to be a part of it.”
Remagine was founded on August 19, 2019 by Sebastian Dienst & Julia M. Profeta Johansson and has its headquarters in Berlin, Germany. Remagine seeks to build a future where business and finance are forces for good by incentivizing and inspiring startups towards positive impact for themselves and the planet as a whole. In essence, all resources and operations of the startup are ultimately tailored towards changing the world positively.
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