ConnectPay, a regulated financial infrastructure provider, has partnered with GenToo, a neobank-style app bringing digital wallets, debit cards, and budgeting-related tools to underserved retail users in Spain. The partnership enables GenToo to launch compliant e-money accounts powered by ConnectPay. ​

Spain is rapidly shifting to digital finance, with 70% of the population using digital banking and forecasts suggesting this could reach 85% by 2027 – yet access and product-fit challenges persist for many users, especially those who need clearer spending visibility and flexible, low-friction short-term liquidity options.

Building modern banking experiences for everyday users

GenToo’s app experience is designed to help users digitally manage their money, understand where their money goes, and make better day-to-day decisions. GenToo will provide budget setting, categorization, and subscription-management capabilities within a single mobile experience, while ConnectPay delivers the regulated backbone for e-money issuance and payments.

Speaking of the launch, Tushar Bagmane, Co-Founder & CEO, stated that: “GenToo is bringing a new neobank-style app into Spain's dynamic market, and helping our customers with their financial needs."

Through the partnership, GenToo customers in Spain will be able to open e-money accounts via a fully digital onboarding flow, use virtual and physical VISA debit cards for everyday payments (with Apple Pay and Google Pay planned after launch), and send and receive money using SEPA Instant. Eligible premium users will also have the option to access cash advances of up to €500 every 30 days through a subscription-based model.

Instant is the new normal, yet the inclusion is still challenging

Spain is already one of Europe’s standout instant-payments markets: instant transfers accounted for 53% of all credit transfers processed in the country, proving the massive demand for fast, digital transactions. However, true financial inclusion today goes beyond simply having a basic bank account – it is about usability, financial health, and tools that match real life. While most of the population is banked, many retail users remain underserved when it comes to intuitive budgeting, subscription tracking, and accessible short-term liquidity. This gap between having an account and actually having control over daily finances emphasizes the critical need for user-centric digital alternatives.

“This partnership reflects what embedded finance should enable: faster routes to market for customer-first financial products – especially for segments that have historically been underserved by traditional banking,” said Marius Galdikas, CEO at ConnectPay. “Together with GenToo, we’re bringing modern digital money capabilities into a single, intuitive app experience.”