Banxware secured €10 million in a seed round led by Element Ventures, and joined by D4 Ventures, FinVC and Varengold Bank AG.

Banxware, a Berlin, Germany-based software-as-a-service provider for Embedded Financial Services, announced completing a €10 million ($11.4M) extension to its seed funding round.

The money was raised from multiple investors, including Element Ventures, D4 Ventures, FinVC, Varengold Bank and the existing shareholders Force over Mass, VR Ventures and HTGF. The round included contrbutions from a number of angel investor who also were contributors in the past - Payone founders Jan Kaniess and Carl Frederic Zitscher. Upper90's Alex Urdea and Paula Blazquez Solano of Banco Sabade's venture arm, Credo Capital Partners.

The proceeds will be used to further develop its embedded financial services offering, expand its team and expand product development, sales and marketing across digital platforms across Europe.

Banxware, founded in 2020 by Miriam Wohlfarth, Jens Röhrborn, Fabian Heiß and Nicolas Kipp, develops software that enables any company to offer loans and other banking services to SME customers. The platfom aims to provide the link between banks, digital platforms, and merchants and enables all parties to benefit from the latest state of the art technologies and open banking. The company's first embedded product is a white label SME lending solution part of a portfolio including card-based products and other financial services, complementing its existing lending solution to business customers of platforms.

initially raised a seed round closed at €4 million ($4.8M) in February 2021 and raised from investors led by Force over Mass and VR Ventures,