Bavarian-Lower Saxony cooperation: NBank – the development bank of the state of Lower Saxony – will collaborate with the Munich-based fintech company CommneX. Together, the partners will provide Lower Saxony's municipalities with digital access to NBank's funding programs and combine this with digital financing brokerage through CommneX.
Both functions are already live and can be used by the municipalities in Lower Saxony.
“Pacemaker in digitalization”
“With this partnership, we underline our claim to be a pioneer in the field of efficient, modern funding,”
says Michael Kiesewetter, Chairman of the Board of NBank.
"With it, we are breaking new ground and positioning ourselves as a pacesetter in the digitalization of local government. Lower Saxony's municipalities can now find state funding and access to the financial market online from a single source."
Municipal users have the opportunity to CommneX platform As part of the loan tender, they also directly check the eligibility of financing projects through NBank. They subject the key financing data to a matching function developed by the Munich-based company. If the platform gives the green light, the required application documents can be downloaded, completed, and sent directly to the appropriate contact at NBank via CommneX. Municipal users can submit any additional financing needs to all other financial institutions throughout Germany.
“Found an innovative partner”
Friedrich von Jagow, one of the founders and managing directors of CommneX, about the collaboration:
"The municipal financial market is largely dominated by public development banks. With NBank, we have found an innovative partner who, with us, will take a pioneering role in the digitalization of the development business."
Carl von Halem, also founder and managing director of CommneX, adds:
"With this partnership, CommneX continues its journey toward becoming a comprehensive interface for municipal financing. Through this cooperation, the state, municipalities, and the financial sector can work together efficiently online. We are proud to be able to help implement this process."
