Fintonic Secures €19M, Envisions Faster Growth

Photo credits: Fintonic

The PFM platform Fintonic announces a €19 million Series C round table, lifting their valuation to €160 million.

The investment round was led by ING Ventures (owner of 22% of the share capital), and supported by other shareholders, including PSN Group, Ideon Financial Solutions, Inception Capital, Onza Capital and Atresmedia
This funding round is consistent with this FinTech’s ongoing growth:
- 74% increase in active users over the past 14 months: or currently 700,000 active users.
- 45% increase in revenue vs the previous quarter.
- Over 2.8 million app downloads.
Fintonic’s customers may now borrow up to €40,000 from 10 financial institutions through the platform.

With this funding round, Fintonic expects to achieve a volume of contracts of over €1 billion in less than three years. Considering this growth pace, they also expect to reach a break-even point in Spain over the next six months.
Adding value to their lending offer. Fintonic added insurance services for their customers, as well as tools to compare and optimise their offers based on their insurance broker's licence recently granted by the Spanish Directorate-General for Insurance and Pension Funds (DGFSP).
Just like other aggregation services in Europe, Fintonic bets on the PSD2-entailed opportunities to boost their range of services. They applied for AISP and PISP licences from the Bank of Spain. Their customers would then soon make account to account transactions without even switching to another platform.

Fintonic was launched in 2012 and became one of the consumer leading lending platforms in Spain, with a full-digital customer process. In addition to Spain, they also entered Chile and, more recently, Mexico.
In line with their expansion strategy, last year, they teamed up with BBVA (whose offer has been added to their marketplace) and with Amazon, enabling their Spanish customers to be granted interest-free loans for their e-purchases (from €200 to €1,000).
More recently still, Fintonic boosted their lending offer in partnership with Unicaja Banco, to feature this institution’s consumer credit offers through their mobile app.

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