InnoCells, a hub of digital ventures owned by the Spanish lender Banco Sabadell, has snapped up domestic online consumer financing platform Instant Credit to boost its value proposal in payment methods and consumer financing.

Founded in 2016, Instant Credit operates as an intermediary and provides transparent, secure and instant lending to consumer in physical and digital sales points (e-commerce) in Spain as well as other European countries.

Banco Sabadell, which offers more than 19,000 online retail customers competitive payment solutions, expects the Instant Credit acquisition to enhance these offerings.

The acquired payment solution enables customers to submit their credit requests in a 100% digital manner, and instantly receive their credit. The resultant payments are automatically debited from their bank card or account.

Through its unique technology integration, Instant Credit assists e-commerce as well as physical sales points to improve their sales and profitability.

Instant Credit founder and CEO Octavio Soler Bach said: “We are very excited about the potential created in this new stage. We will be adding all of Banco Sabadell Group’s capacities to our model to grow our multi-financial solution for retailers and consumers located throughout Europe”.

InnoCells executive director Julio Martínez added: “Instant Credit offers an agile, omnichannel payment experience, which is very much in line with the needs of the digital world.

“The acquisition of the company represents Banco Sabadell’s strategic commitment in payment methods and consumer financing,” he added.