It was the biggest individual investment in the history of the TV show “Die Höhle der Löwen” which is the German version of the British Dragons´ Den. Benjamin Michel, Bachelor of Science graduate in Business Administration at Frankfurt School of Finance & Management, and his twin brother Alexander received one million euro from investor Carsten Maschmeyer for a 15 percent share of Finanzguru. After a first investment of the same volume by Deutsche Bank, the cooperation with the businessman is a further milestone of the start-up´s development.
“We have consciously decided to participate in the show in order to gather new capital. Our product is relevant for nearly everyone. Moreover, there are smart investors in the show and millions of potential customers watch it”, explains Benjamin Michel.
“Finanzguru is your personal financial assistant. The only thing the user has to do, is to connect his bank account with the app. Following, the app automatically recognises the customer´s contracts. Because of that, the user finds out how and where to save money”, says Benjamin Michel. With the app the entrepreneurs want to give people the opportunity to save time and money – especially those who are not interested in spending a lot of time to deal with different financial contracts.
Because of successfully participating in the TV show, there is a huge demand for the app. “Now, many people know Finanzguru. We have gained more than 200.000 new customers – this is crazy”, emphasises Benjamin Michel.
As an entrepreneur he still benefits from his academic education at Frankfurt School as well as being in contact with some of his former professors. “I still have a lot of contact to my former marketing professor, Professor Dr Christian Schulze. I have learned a lot about customer development from him”, says the FS alumnus.