GreenTec Capital invests in Stuttgart-based fintech startup Clean Group UG

on 01 August 2017

Stuttgart and Frankfurt (Germany), July 2017. GreenTec Capital is very pleased to announce that we have signed an investment agreement with Clean Group UG. Clean Group is a Stuttgard-based company developing a platform to deliver a range of services to expand financial literacy and access in emerging markets. Under the terms of the agreement, GreenTec will provide Clean Group with a suite of services including funding, business model optimization, and company development.

Xavier Foalen of Clean Group US signing with Tom Festerling and Peter Grouev  of GreenTecClean Group is a Stuttgart, Germany-based company, that is developing an innovative financial services platform targeted at emerging markets. Clean Group’s platform is designed to function as a virtual ecosystem of financial services including: digital bank accounts, low-cost international and national money transfers, credit scoring, and financial accounting management services for small-businesses and SMEs. This suite of services is designed to address issues of financial inclusion for millions of people in emerging markets. Clean Group is planning a pilot targeted on the Central African countries of Cameroon, Gabon, and Equatorial Guinea where 40% of the population, or approximately 12.5 Million people do not have bank accounts. Without bank accounts, almost half the region’s population suffers exclusion from financial access and services. Additionally, these unbanked people are forced to pay high remittance fees to send and receive money. Clean Group solves these problems through online bank accounts, which provide unbanked people with the ability to send, receive, and request electronic payments. These accounts allow for easy person-to-person (P2P) money transfers a no or very-low cost. Clean Groups virtual ecosystem tracks users savings behavior to provide innovative credit scoring data. Clean Group also offers Micro-Credit and Community Credit services, informed by credit scoring data from user savings and spending behavior. Finally, Clean Group also offers financial accounting management services for small businesses and SMEs. These services contribute to the capacity of small businesses and SMEs in emerging markets, as well as contribute to knowledge transfer of financial and accounting best practices. Thus, Clean Groups services will expand financial access and literary for private persons, small businesses, and SMEs in Africa and emerging markets.