Ping An and Raisin have invested in financial portal Joonko, the latest startup to emerge from the finleap fintech factory in Germany.
Joonko has been launched to help German consumers choose the right financial products for their personal saving and protection needs. With EUR10 million in seed capital under its belt, the portal will be launched at the end of the year with its first product: car insurance.
Ping An invested in finleap in 2018 and has had significant involvement in developing Joonko’s strategy and technology capabilities.
Donald Lacey, managing director and COO of Ping An’s Global Voyager Fund, says: "To us, Joonko represents the logical evolution of financial digitalisation in Europe. It’s the right approach to innovation in retail financial services: a next generation solution designed to benefit consumers and financial product providers alike.”
Raisin's investment in Joonko is the first case of a successful German fintech investing in another German fintech company. Tamaz Georgadze, CEO and co-founder of Raisin says: "We believe in the close cooperation of fintechs with established financial service providers and are convinced that Joonko will successfully implement this plan."
As well as providing a capital boost, both Ping An and Raisin will equip Joonko with technological support.
Eric Lange, CPTO and co-founder of Joonko, says: “We aim for providing the best experience for consumers in finding the best-fitting financial products. Through the broad experience and best-in-class technology of PingAn and Raisin, we have a jump start for our product.”