In mid-March 2022, the financial authority, together with Hamburgische Investitions- und Förderbank (IFB Hamburg) and its subsidiary, IFB Innovationsstarter GmbH, launched a new funding program for young companies in the financial sector. The first allocation meeting was held at the beginning of May, followed by a further five up to and including December 16. During the short funding period, 16 companies were provided with a total volume of almost 2.5 million euros. Following a decision by the city's parliament, the InnoFinTech funding program will be extended for 2023.
InnoFinTech is part of a master plan
The funding includes a grant of up to 200,000 euros per startup, which finances up to 90 percent of the costs of the eligible project. The program enables startups and young companies that are generally no more than five years old, for example from the FinTech and InsurTech sectors, to implement innovative projects and helps them to grow and establish themselves on the market. In 2022, three location settlements could be won with the funding.
InnoFinTech is an initiative within the framework of the " Masterplan Hamburger Finanzwirtschaft 2021-2025", a master plan for the finance industry, determined in the fall of 2021. In this way, the partners Finance Authority, Chamber of Commerce and Finanzplatz Hamburg e.V. are making a contribution to ensuring that Hamburg is well positioned for the future in the financial services sector and is strengthened in the long term. To this end, new growth potential is being identified and leveraged. The benchmarks are successful financial centers of comparable size and framework conditions throughout Europe.
