Dr. Gamal Moukabary (Co-Founder), Dr. Josef Korte (Co-Founder), Dr. Andreas Bermig (Co-Founder), and Dr. Jan Ortmann (Co-Founder). © Nils Lucas

Bonify

Bonify Financial Lives

FinTech
Founded in 2015
33 employees
Funding €5.5M / 2 Rounds

April 2015: Four friends decided to start a business that democratises user data and offers transparency. Bonify specialises in credit ratings and does not just give users free access to their score online, but helps to improve and benefit from it. With Bonify, users can observe their credit score, manage their finances, and get individualised loan offers. The latest innovation is the Mieterauskunft – a document that unites all requirements for the landlord into one. A revolution has just started. Website

Interview with Bonify

What inspired you to found your startup?

Credit worthiness is a very relevant subject for every adult and has a huge impact on our everyday life. Most people have no idea about their credit score and if they want to check it, it is hard to get access. You need to send documents, wait at least one week and if you want to check it more than once a year, you even have to pay for it. So the idea and conviction that this should change and that this data belongs to the person itself, grew and grew and was the reason for founding bonify.

How do you define success for yourself and your company?

Success would mean that every person knows about the importance of their credit worthiness: How does it have an effect on your life? What does the term even mean? How can you improve your score? Where can you check and observe it? Success would mean that everyone knows and uses bonify because they know the value and they know how to benefit from it.

Is there anything you’d do differently if you could do it again?

Do not hesitate. Do not doubt. Start immediately and give 100% from the very first second.

What problem does your product solve?

Credit worthiness is a subject that is not communicated in Germany. Most of the people do not know what the term means or how their own credit score looks like. With bonify, users can check and observe their credit score for free and online. Usually, you get information about your credit worthiness just once a year for free – with bonify you get access to it at any time. Users can not just check their credit score but inform our partner credit agency Creditreform Boniversum about wrong entries.

Where do you see your company in 1/5/10 years?

Of course we will grow with every month. We want to become the financial app number 1, expand in other countries, achieve and elate millions of users and be known for being helpful with improving everyone’s credit score and financial situation as well as for providing the best loan offers. bonify’s mission? To bonify financial lives!

How are you different?

Bonify offers a unique package. We do not just show users their score or offer a personal financial management tool, we also give advice how to improve the score and finances. With individualised loan offers from our partner banks, users can get the best and cheapest loans for their financial situation. We always find new ways how to help and improve finances and benefit from the credit score. Very unique is the Mieterauskunft that revolutionises the process of renting apartments.

How often does your product/service show up in a user’s day or week?

Credit worthiness is a subject that shows up in every user’s everyday life. A person’s credit worthiness is checked before almost every contract where someone takes a financial risk and wants to make sure that the co-contractor will be able to pay his rates. Even online shops check their customer’s credit worthiness before accepting purchase on account. Bonify users can observe their credit score every day and always make sure that that data is correct and up to date.

Impact: how are you doing good and building a better future?

We care about the people and give them power over their own data. With communicating and educating about financial topics, we make sure that everyone can benefit from that knowledge, has access to their own data and improve their financial situation. When everyone knows their credit score and what impact it has, everyone can get the best loans and offers and save money.

How has the startup scene in Berlin changed?

Berlin’s startup scene got more international. There are a lot of well-educated talents out there from all over the globe. Venture capital and money is available and failing is not that big of a deal. It became more normal – no one has to be ashamed of it anymore.

What are the pros and cons of launching your startup from Berlin?

The pros are: access to money, access to great talents and cheap rents for office spaces.
The cons? Berlin is quite excluded from the rest of the world – international flights almost do not exist and of course bureaucracy is a big con, especially if you hire talents from other countries.

Bonus Question: Anything else that we need to know about you?

Found and be prepared for a rollercoaster ride.

Bonify was featured in “The Hundert Vol. 10 – Startups of Berlin“, October 2017.

The picture above was taken at:

Oberbaumbrücke

The double-decked Oberbaumbrücke has become a symbol of Berlin’s unity as it links Friedrichshain and Kreuzberg, former boroughs that were divided by the Berlin Wall. The bridge also appears prominently in Tom Tykwer’s film Run Lola Run.

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