Economy & Politics

Start-upsGerman fintechs discover influencer marketing – can that work?

TikTok star Charli d’Amelio advertises a new bank. Now she has invested tooPR

Usually, Step got a few thousand likes for his Instagram posts. Marketing didn’t really want to work out. At the American smartphone bank, which is aimed at children and young people, the background noise in the social networks remained.

Recently everything has changed. The fintech was able to convince 16-year-old Charli D’Amelio: The American is a star of the target group, she was the first user on Tiktok with more than 100 million subscribers – and on Instagram it is 34 million. The likes for Step exploded via D’Amelio’s account. 4,000 likes became 3.2 million.

While advertising with stars from social networks has been customary for a number of years, for example in the fashion or fitness industry, fintech companies have been reluctant in the past. In Germany in particular, there were little-known advertising cooperations. The financial start-ups in this country tend to rely on online marketing. Facebook, Google and TV commercials. Even poster advertising is part of the marketing strategy. “When the digital N26 then does analog advertising, ”commented a Twitter user in 2018, amused. And the interest platform Weltsparen preferred to take on a familiar face: a few years ago it hired the crime scene commissioner Miroslav Nemec.

This may also be due to the fact that the average age of many financial start-ups is astonishingly high. Mostly between 30 and 50. But fintechs are increasingly trying to reach a younger target group. The investment start-ups Rubarb and Financery, for example, cooperate with influencers, Deinestudienfinanzierung wants to initiate initial tests and Germany’s most important fintech, the smartphone bank N26, is now advertising with influencers. The crucial question quickly arises: Has the industry overslept a trend – or is the advertising channel for financial products just not working?

You can read the full article today on Finance Forward, the finance portal of Personal-Financial.com and OMR. You can register for the daily newsletter here.

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