Madrid, March 29, 2023. The Startup CFO, a company specialised in providing financial services to startups and entrepreneurs, has begun its internationalisation process in Germany with the financial backing of COFIDES.
Thus, COFIDES has granted a joint investment loan of 175,000 euros with which the company will finance staff, marketing, and other expenses for its commercial establishment in Berlin. The company already has clients in Germany and has chosen this country for its first internationalisation project due to the great degree of market potential (as Berlin is positioned as the second European city with the largest number of startups) and its proximity to Austria and Switzerland, where the company also has customers.
The head of the COFIDES Investment Department, Miguel Ángel Ladero, pointed out that “it is satisfying to support innovative entrepreneurs who provide financial advice to others so that they can define their strategy or find the capital they need, thus generating opportunities for growth and employment. We hope that this internationalisation process that 'The Startup CFO' is now undertaking continues and that it contributes to making the company more solid and competitive.”
Jaime Medina, CEO of The Startup CFO, stated the following: “We have experienced exponential growth, both in terms of volume and business generated as well as in terms of the services we offer. We are convinced of our potential and that we are in it for the long haul... and the more we advance, the greater the expertise we offer our clients. This year, our great challenge is to consolidate operations in Germany, a market that we had already entered through several clients – but it was difficult to continue growing there without a physical presence".
CONTRIBUTION TO THE SDGs
This project contributes significantly to the achievement of Sustainable Development Goal 5, Gender Equality, and Sustainable Development Goal 8, Sustainable Economic Growth.
ABOUT THE STARTUP CFO
The Startup CFO is a Madrid-based SME founded in 2020. It offers outsourced financial services to a portfolio of more than 100 startups. The services are supported by the company's experience in financial and strategic management. The entity has a staff of 22 employees.
ABOUT COFIDES
COFIDES is a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
