AAZZUR has raised €970,000 in seed funding and services, surpassing its original target of €800,000.

The funding, which was predominantly invested as cash, was led by Swen Nicolaus with participation from astorya.vc and other investors linked in through Angels Den and Brand & Co.

UK and Germany-based open banking start-up AAZZUR is driving the open banking revolution by helping banks monitise customer data, through the cross-selling of embedded financial services, and enabling neobanks to get to market quicker.

Its Behavioural Trigger Engine enables banks to offer tailored services based on customer need, while it's Financial Services Connector lets banks, insurers and other financial services providers connect in order to offer third-party services on a white-label basis.

Meanwhile it's targeted mobile banking offering enables banks and fintech providers to test and penetrate new segments with specific targeted product strategics on iOS, Android and web.

“AAZZUR is delighted to have exceeded our target and raised €970,000 at seed stage,” says AAZZUR CEO Philipp Buschmann. “We are looking forward to launching a series A funding round later in 2021, but already have some commitments. We see growing momentum for our technology and I want to thank our partners such as Railsbank, TransferWise and bsurance for their support during 2020.”

Astorya.vc is a venture capital fund investing in early-stage insurance start-ups across Europe. Through its funding, it will support AAZZUR in building an insurance marketplace directly inside banking apps. Details of why they invested can be found here.

“AAZZUR has a unique positioning, leveraging open banking towards insurance, and we believe its strong technology is the perfect layer enabling banks to embed insurance into their customer journey,” says Florian Graillot, founding partner of astorya.vc.

A significant amount of AAZZUR’s seed funding came from investors using the UK-based Angel’s Den online investment platform, which connects high growth potential companies with experienced investors.

“AAZZUR are reinventing the way in which fintechs, insurance and banks connect and are looking forward to seeing the neobank offering. Angels Den was thrilled to be a part of their fundraise and excited to see the continued growth going forward,” says Alex Clay, investment manager of Angels Den.

Additional funds were committed by investors through Brand & Co. Vermögensbetreuung, a Germany-based financial services provider.