Varengold Bank almost doubles its income

Fintech backer Varengold Bank has almost doubled its net income annually from €27.4m (£22.8m) in 2020 to €54.5m in its 2021 financial year.

Over the same period, the German bank saw its earnings before tax rise more than tenfold from €1.9m to €22m.

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The institutional investor – which has invested in several peer-to-peer lending platforms – also increased its investment into the business from €17.6m to €22.6m to implement digital transformation and its new work concept and hire 15 more staff members.

Varengold Bank said it has seen huge growth in two business areas, commercial and marketplace banking.

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“We not only held our ground successfully in a challenging environment caused by the pandemic, but also proved once again that we are strategically positioned correctly,” said Dr Bernhard Fuhrmann, management board of Varengold Bank.

“We have managed to more than double the number of transactions and new customers compared to ‘before corona’.

“We have continued our conservative risk management and invested in the future of the bank with innovative digitalisation measures, staff expansion and a modern ‘new work’ concept.

“We have every reason to be optimistic about the future.”

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