On March 1, Banxware expanded its management team and brought Diogo Simões on board as Chief Technology Officer. Previously, he worked at Klarna as Lead for Decision Infrastructure. The new CTO will focus on strengthening the development of Banxware’s financial technology platform.
Banxware received €4 million in seed funding just a few weeks ago from London-based Force over Mass and Berlin-based VR Ventures. Money that is to flow into the expansion of further banking products on the one hand, but also into the expansion of the team on the other. So the personnel decision fits well.
Objective: To involve new partnerships
With immediate effect Diogo Simões expands the management team from Berlin. Born in Portugal, he brings a wealth of experience in project planning and deployment of scalable cloud products. For Klarna he worked as Lead for Decision Infrastructure and led teams in Milan and Stockholm.
“I am determined to equip the Banxware platform with the ability to quickly incorporate new partnerships. Right now, we need this capacity to expand rapidly and enter new vertical markets. This will provide us with greater clout and open the way to rapid growth,” said Simões. He will initially lead the tech development team of more than a dozen people. Additional employees are to be hired in the coming months.
Step on the gas in a trendy topic
Banxware started last year under the leadership of former Ratepay founder Miriam Wohlfarth, Jens Röhborn, Fabian Heiß and Aurel Stenzel. The Berlin-based startup is an embedded financial service software provider, and their offering has been touted as one of the most interesting startups of 2020. The company provides credit directly to marketplace merchants through the platform while working in the background to vet the merchant. Vereinigte Volksbank Raiffeisenbank, an association of regional banks in southern Hesse and Franconia, is providing 100 million euros for this purpose, which the fintech can lend via its platform.
With this personnel decision Banxware sends a clear signal to the industry. Not only are the Berliners bringing in an experienced guy from Klarna, one of the world’s most valuable fintechs, but they also want to be a driver in embedded finance, as the market is evolving rapidly.
Embedded Finance as a Game-Changer
Many already see embedded finance as the big game changer for the industry, as financial services can be integrated into any sector or industry, enabling them to offer financial services to their own customers. “Diogo Simões brings exactly the kind of expertise to build the most scalable and fastest fintech platform,” said Jens Röhrborn, CEO and co-founder of Banxware.