Sabadell Consumer Finance, a unit of Spanish banking group Banco Sabadell, has teamed up with fintech firm Nemuru to expedite access to financing in the renovations sector.
The collaboration will enable professionals in the renovations sector to offer instant loans at POS through an online platform. Spanish companies and SMEs can use the digital platform to offer financing services to their customers.
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The platform is designed to generate loans in three minutes via a mobile phone.
The agreement has already been signed with initial transactions already underway.
Banco Sabadell noted that the move is aligned with its plan to streamline personal finance by connecting its financial products.
Sabadell Consumer Finance assistant general manager Joaquin Subira said: “The collaboration of banks and startups is essential in the path of innovation and open banking, as well as to broaden the distribution of the financial offer.
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By GlobalData“Thanks to our technological implementation with Nemuru, we are even more prepared to offer products on third-party platforms, thus providing greater and better customer access.”
Founded last year, Nemuru is a fintech firm with more than 350 professionals. It manages personal loans between €1,000 and €20,000 with a term of up to 36 months.
Nemuru CEO and co-founder Pere Monràs said: “Customers can access the personalised loan immediately, as financial institutions rely on our technology and knowledge of the sector to generate the loans they will then finance, receiving direct payment from the customer.
“Having Sabadell Consumer Finance is a catalyst that will enable us to increase the scalability of the business and grow exponentially, as well as strengthen our customers’ trust.”
