Fintonic Closes a Round of Funding of € 25 million
- 29.06.2017 08:30 am
Fintonic has just closed a round of funding of 25 million Euros that has been supported by ING Group and the insurance group PSN amongst other investors.
Fintonic is the leading company for optimizing personal finances. It organizes in one single place all your banking transactions no matter how many banks you are using, has an exclusive advice and alert system and it is the only company to disclose to clients thei r own credit profile. There is no need to switch banks, the over 400.000 Fintonic users can directly contract loans and insurances amongst 40 companies, tailored to their profile in the best conditions .
With this capital increase, the company will be able to drive its growth in Spain and LatAm and therefore increase its value proposition.
The new funding enables Fintonic to further develop its proposition, which grants power to clients to best manage their money through its tools and functionalities, and with a multi - entity product proposal.
This multy - entity model offers important advantages for the consumer, who will take benefit from all the banking offer without exiting the app. Therefore, although bank alternatives are limited to their sole product, a Fintonic user can contract loans from four different banks, a number that is scheduled to be doubled in the upcoming months.
Fintonic also bets for this model in insurance contracts. A bank will typically offer those insurances of their own allied insur ance company, whilst a Fintonic user can contract insurances from over 40 different insurance companies.
Also, amongst other Fintonic differentiating elements valued by new investors and users, the contracting experience is specially highlighted, as this all happens within the Fintonic app. On your own smartphone, in just a few seconds and with no cumbersome paperwork. In line with the ir corporate philosophy of standing by the user and providing him with relevant information for their money management, Fintonic has recently introduced Finscore, a free index through which users know what their credit profile is, which enhances their nego tiating capacity when contracting financial products.
Fintonic reassures itself as an app totally independent from banking entities, transparent in the information provided and fully compromised with users so they can obtain the maximum benefit from their money, taking advantage of the best products and experiences.
It is a disruptive proposition covered under the new regulatory umbrella that encourages the European Directive PSD2, which gives power in the hands of the user.
Fintonic, winner of Google St artups Mobile Innovation Award in Finance, is the first financial optimiser, with over 400.000 users and present in Spain and Chile. Founded in 2012, the company consists of a team of over 50 professionals, experts in financing and new technologies.
After the round of financing, Fintonic’s shareholder base is quite diversified. Amongst their partners are Ideon Financial Solutions, the investment funds Inception Capital and Onza Capital, Atresmedia, ING, PSN and renowned business leaders.
In this round of financing also Rousaud Costas Durán and Financial Managers participated as process advisers