KfW and CommneX fintech launch cooperation: digital funding check of KfW loans for municipal financing
Press Release from 2019-05-14 / Group, Domestic Promotion
- Municipalities can check online whether there is a suitable KfW loan for their project
- First step for digital access to promotional programmes for municipalities
KfW and the Munich-based financial technology company CommneX, which specialises in digital financial brokerage for municipalities, have launched a partnership to digitalise promotional loans for municipalities in Germany. Cities, municipalities and counties registered on the CommneX platform can now find suitable KfW funding online in advance to finance their investment projects.
Municipalities can submit their financial needs on CommneX and check within a few minutes whether a suitable KfW promotional loan is available. At the same time, the municipalities receive information about the currently valid conditions. The digital funding check compares the requested funding with the requirements of the promotional programme; if they match, the municipality can directly access the relevant application and other documents for the promotional programme. The use of CommneX is free of charge for municipal users.
Dr Ingrid Hengster, Member of KfW's Executing Board responsible for the domestic promotional business, says: “Digitalisation is currently a major issue in public administration. KfW wants to accompany and support this development as a strong partner of the municipalities in Germany. The cooperation with CommneX is another step in the implementation of our strategy to digitalise our promotional business in Germany.”
Carl von Halem, one of the managing directors of CommneX, is pleased about the cooperation: “Public development banks are a basic component of the municipal financial market and KfW is the perfect partner for us to continue to be an innovator and comprehensive provider in the area of digital municipal financial brokerage.” Friedrich v. Jagow, also managing director of CommneX, adds: “The partnership with KfW is for us another important step towards the goal of being able to offer the public sector in Germany solutions for all its needs: simply, digitally and free of charge. We are proud to be a KfW partner and are excited about our cooperation.”