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Fintechs Are Coming to Frankfurt, Whether Banks Like It or Not

  • WebID is helping banks in the fight against financial crime
  • Investment volume in German fintechs is seen quadrupling
The face of an attendee is reflected in a laptop computer screen alongside code as he participates in the TechCrunch Disrupt London 2015 Hackathon in London, U.K., on Saturday, Dec. 5, 2015. Disrupt is an annual conference hosted by TechCrunch where some technology startups launch their products and services competing on stage in front of venture capital potential investors, media and other interested parties.
Photographer: Luke MacGregor/Bloomberg

With its job done in Berlin, financial-technology startup WebID Solutions GmbH is moving to Frankfurt.

The developer of identification systems for the banking industry chose Berlin as its base when it opened for business in 2011, so it could meet face-to-face with officials in Wolfgang Schaeuble’s finance ministry skeptical about the use of digital technology. Now, after persuading the government to change its laws to embrace video technology for identification purposes, the company is relocating to the country’s banking capital.