Fintech Founded By Former Wise Employees Raises $ 2.3 Million

  • Grunfin, an Estonian fintech for sustainable investing, has raised 2 million euros ($ 2.3 million).
  • The cycle was led by the Norrsken VC impact fund, founded by Klarna co-founder Niklas Adalberth.
  • Insider got an exclusive preview of the pitch deck he used to land the money.

Grunfin, a fintech that aims to facilitate investment in sustainable and impact-focused funds, has raised € 2 million ($ 2.3 million) in seed funding.

The Estonian startup, founded in 2020, has built a retail investment platform exclusively for funds with positive environmental, social and governance (ESG) factors and in line with the United Nations Sustainable Development Goals. Grunfin selects funds before listing them, ranking each according to its impact and return on investment.

Users can choose to create a portfolio on the theme of environment, equality or health. They can then set up a monthly payment to enter the portfolio and determine the life of the investment. Existing users invest for periods of up to 10 years, the company said.

Grunfin, which is based in Talinn, joins a host of newly formed fintechs that cater to environmentally conscious investors, as sustainable investments now represent a third of global assets to over $ 35 trillion.

The startup was created by former employees of Wise, the London-listed payments company with a valuation of $ 11 billion in July.

Co-Founders Triin Hertmann, COO, was an early employee of Wise and its COO, and Alvar Lumberg, CTO, was a longtime engineering leader at Wise. Other former members of the Wise team include Marek Unt, CMO, and Martin Magar, Product Engineer.

Karin Nemec, CEO, investment manager who spent a decade with Nordic banking group Swedbank Estonia, also joined the founding team of Grunfin.

Nemec told Insider that she came up with the idea for Grunfin when she was working in Shanghai in 2012, where she was increasingly aware of extreme weather conditions, water pollution and the quality of the water. ‘air, watching the latter before leaving the house with her young child.

“We are on a very unsustainable path,” she said. The founder decided to make an impact through her own investments and now wants to make it easy for retail investors to create sustainable portfolios.

“We think 20 years from now, before they invest their money, everyone will be wondering what their money will bring,” Nemec said.

“We hope to be the leader in Europe, the best in Europe, that people will turn to us and invest through our platform for impact and a better world.”

The name of the fintech, Grunfin, is a combination of “green” in German and “fin” for fintech. It costs € 3.90 ($ 4.50) per month to use the platform, which includes transaction and holding fees and portfolio management fees.

Grunfin’s customer base includes mostly women and younger investors, said Nemec, who added that she believes women are more environmentally conscious, whether as an investor or a founder.

“What I like about founders is that they are more impact oriented,” she said. “I wouldn’t wonder if the next social impact unicorn is from the founders.”

The round was led by backers from Northvolt Norrsken VC, an impact technology fund founded by Klarna co-founder Niklas Adalberth. Other investors include Superangel, Lemonade Stand, United Angels VC, and a number of angel investors with experience in Wise, Pipedrive, Skype, and Wire.

Currently a team of 10, Grunfin is set to hire an additional five to ten employees in the areas of engineering, product management and marketing as it expands across Europe.

Check out the pitch deck written by the company below.

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