Tomorrow Series A Round, November 2024

Hamburg-based fintech company Tomorrow has successfully raised close to €5 million in a recent funding round. The financing was led by existing investors Abacon Capital, ETF Partners, and Kopa Ventures, with additional support from IFB Innovationsstarter, marking a strong show of continued support for Tomorrow’s mission of providing sustainable, customer-centric financial solutions. This capital infusion will enable Tomorrow to focus on customer acquisition and expand its product offerings, advancing its commitment to responsible banking practices.

Founded in 2018 by Inas Nureldin, Michael Schweikart, and Jakob Berndt, Tomorrow has gained attention for its ethical approach to finance, offering products that prioritize environmental and social responsibility. The company has attracted a customer base of over 100,000 individuals across Europe. Unlike traditional financial institutions, Tomorrow directs customer funds away from investments in the fossil fuel industry and provides carbon offsetting investment opportunities, allowing users to take proactive steps toward reducing their carbon footprints. This approach has resonated strongly with environmentally conscious consumers, positioning Tomorrow as a leader in sustainable banking.

The funds raised in this round will be directed primarily toward expanding Tomorrow’s customer base and enhancing its platform’s features. The company plans to further develop its software, adding new functionalities that cater to customers’ evolving financial needs. By focusing on user acquisition and product improvement, Tomorrow aims to strengthen its footprint in Europe’s competitive fintech landscape. Tomorrow’s co-founder and co-CEO, Michael Schweikart, highlighted the significance of this funding round in light of current market conditions. “We are currently passing an important milestone with Tomorrow. Despite a challenging market environment, which has hit many startups hard, we were able to secure a substantial financing round and are profitable on a monthly basis for the first time,” Schweikart stated.

Tomorrow’s unique business model has also drawn the support of over 10,000 crowdfunders, making it one of Europe’s largest crowd-backed companies. This strong community backing reflects widespread consumer demand for sustainable financial alternatives and bolsters Tomorrow’s market position as a socially responsible fintech.

Notably, Tomorrow operates without a banking license, relying on strategic partnerships to deliver its services while adhering to regulatory requirements. This approach has allowed the company to focus on growth and impact without the regulatory burdens faced by licensed financial institutions. By working with partners, Tomorrow has been able to remain agile and responsive to market needs while continuing to deliver a seamless customer experience.

The involvement of IFB Innovationsstarter and established venture firms like ETF Partners, Abacon Capital, and Kopa Ventures underscores investor confidence in Tomorrow’s business model and growth potential. Each investor brings valuable expertise, particularly in areas related to sustainable and impact-driven financial products. This backing positions Tomorrow to pursue its goals of expanding its user base and making sustainable banking solutions accessible to more consumers.

As the financial sector undergoes a shift toward ethical investing and climate-conscious solutions, Tomorrow’s approach aligns with the increasing demand for sustainable financial services. The new funding will enable the company to scale its operations, enhance its technology, and offer more products that align with the values of its customer base. In a competitive fintech market, Tomorrow’s commitment to sustainability and transparency distinguishes it as a key player in Europe’s responsible banking sector.

Through this capital infusion, Tomorrow is poised to strengthen its impact in the financial industry, delivering a model that resonates with consumers seeking alignment between their financial activities and environmental values. The company’s continued growth demonstrates the potential of sustainable fintech to drive meaningful change, offering a customer-first approach in an industry increasingly focused on accountability and sustainability.