Recently we posted on the Fintech scene in Berlin and one of the start-ups mentioned was Argo. Now, only a few months after its founding, the prominent investor Lakestar has backed Argo with a 10+ million figure. What do we know about Argo?
Hendrik Braun and Timo Trumpp have had a previous success story with Shoplove, launched in 2012. Shoplove is a shopping catalogue for the iPad which they developed as an advertising network for product recommendations. Three years after the founding, they sold their company to Burda. Since then, they have been running the business for the new owner.
However, the two founders joined Alexander Zlotnik to develop a new company. The latter is Fintech Argo Trade Solutions in Berlin. They have not provided any details about the new startup but, as the homepage indicates, Argo wants to mediate loans to companies so that they can finance their commercial transactions.
Last year, the company was reported to have worked with test customers such as the spice startup, JustSpices, on the product. A total of 15 employees currently work for Argo.
It is impressive that even in this early phase Argo has convinced a prominent investor to come on board. Lakestar, the vehicle of star investor Klaus Hommels, has joined the Fintech company in Berlin. According to industry rumour, Lakestar has invested a 10+ million figure, an extraordinarily high sum for a start-up.