The popular website builder Jimdo from Germany has launched a banking product powered by Solaris (Jimdo website in German). The product includes a bank account and a Visa Card and is only available for paid Jimdo customers at the moment. Jimdo has helped entrepreneurs and small businesses create more than 32 million websites since its foundation in 2007.
When you are working in the Fintech bubble, you might be surprised by such a development and be thinking about all the digital business banking products out there (i.e. Qonto, Fyrst, Finom and many more). However, Jimdo founder Matthias Henze mentioned in the product announcement that they discovered that many of their customers in the solo-preneur category are using their personal bank accounts to manage their business finances. The Jimdo banking product is not as developed as the digital alternatives, but it appears that their bet is that the access Jimdo has to it’s customers is more important than the perfect product.
Jimdo’s move into banking is also not their first move outside of pure technical website play. In the past years, they have launched different features to support their clients with legal texts and other products that a person early in their entrepreneurial journey might need.
I have not followed Jimdo closely in the past, but from a typical Embedded Finance success story, Jimdo seems to be in a good spot. It will be interesting to see what else they launch over the next few months that is directly or indirectly connected with their banking products.
Also, kudos to the team at Solaris for this deal. Jimdo will likely not be in their top spot in terms of revenue or brand value; however, it’s the perfect story for their Embedded Finance positioning.
