Personal finance management app Fintonic has partnered with Amazon to fund its Spanish clients’ purchases made through the e-commerce website.
The initiative will enable the Fintonic clients to defer payments between €200 and €1,000 for up to four months.
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Slated to start from the next week, the service will carry no interest.
Fintonic founder and CEO Lupina Iturriaga said: “It’s an exceptional collaboration, as it opens a new way of cooperating between the fintech sector and online distributors, settling new alternatives for users to access e-commerce in beneficial conditions.”
How to avail the interest-free purchases
All interested customers can avail the credit though the Fintonic app, which is available on iOS and Android platforms, in three minutes.
The user will be given a Gift Card for making purchases at Amazon.es. The gift card, valid for ten years, can be used for multiple purchases till the balance runs out.
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By GlobalDataFintonic will assess the FinScore index as a reference to profile the financing.
The index utilises more than 160 variables to determine the credit profile of each user by assessing their financial history. Subsequently, it assigns a score between 0 and 900 points.
All customers with 450 or higher FinScore will be eligible for funding. However, all interested customers should sign up to a guest list before availing the service.
