In 2015 CHECK24, founded in 1999, accumulated revenues at around €500 Million and a total customer base of 15 Million users. CHECK24 outperforms Verivox on both, revenue and users. Whereas this was often quoted as an attack on FinTechs (amongst others Clark, WeltSparen, and Outbank), it also threatened to put Verivox under pressure. Among them a contract management tool, a multi-banking feature and an expansion of their comparisons into fixed-term deposits. In May, Capital ( news in German) reported that CHECK24, one of Verivox’s biggest competitors, will be offering several „FinTech products“. Verivox’s reasons for acquisitions: response to CHECK24 Finally, through that acquisition, they might, in fact, be responding to FinTechs instead of attacking them.
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Furthermore, when considering that Outbank is layered atop Verivox, I am arguing that Outbank might be an additional marketing channel (to TV and search) and thus more important to Verivox than Verivox to Outbank. Looking at CHECK24’s - their primary competitor - recent moves, probably the most obvious reason is that Verivox made the acquisitions as a response to CHECK24. Verivox’s reasons for acquisitions: response to CHECK24, additional marketing channel, and response to FinTechs/InsurTechs For starters, why they made that acquisition. In November, the comparison portal Verivox acquired Outbank, a personal finance manager (PFM) who temporarily filed for bankruptcy and aboalarm, a contract cancellation tool ( Link to Outbank’s German press release, Link to Verivox’s German press release).
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