The InnoFinTech funding program for young companies in the financial sector is to be extended until the end of 2025. This was recently decided by the Hamburg Senate. This means that the funding for Hamburg FinTechs will reach a total volume of almost 9 million euros. The program has already been running since March of last year.
2.1 million euros annually for startups
The program makes it easier for startups and young companies from the FinTech, PropTech or InsurTech sectors to implement innovative projects. The aim is to help them grow and establish themselves on the market. The funding program has a volume of 2.1 million euros per year and is managed operationally by Hamburgische Investitions- und Förderbank (IFB Hamburg) and its subsidiary, IFB Innovationsstarter GmbH.
So far, 19 companies have been supported with a total volume of just under 3 million euros. The funding includes up to 200,000 euros in grants per startup, which can be used to finance up to 90 percent of the costs of the eligible project. InnoFinTech is a joint project of the financial authorities, the Chamber of Commerce and Finanzplatz Hamburg e.V. as part of the Financial Industry Master Plan adopted in the fall of 2021. Incidentally, the establishment of a Hamburg finance cluster, also decided in the master plan, is imminent. In this way, the partners in the master plan are joining forces to position Hamburg as a financial center for the future and sustainably in a challenging environment and demanding competition.
