German personal finance start-up bonify has secured investment from Irish consumer credit reporting firm Experian.

However, further financial details were not divulged by the companies. Experian joins Santander InnoVentures as an investor of bonify.

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Established in 2015, bonify enables the user to review their creditworthiness online. Additionally, customers can utilise bonify financial management tools to assess and optimise their financial situation.

The fintech is said to have 500,000 customers. The latest investment is expected to help the company to pursue its strategic expansion to other European countries.

Experian UK, Ireland and EMEA managing director Charles Butterworth said: “We are excited by the way bonify is helping people in Germany understand, engage with and improve their credit scores.

“We look forward to supporting the team as an investor and partner in their future growth.”

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bonify founder and CEO Gamal Moukabary said: “Experian’s investment shows that we are on the right track. It rewards our achievements and our unique value proposition.

“Experian is an ideal investor and partner for us to support the next growth phase. Our goal is to expand our operations into other European countries.”

Last month, Experian partnered with Sagent Lending Technologies to combat loan origination frauds.

Under the collaboration, Sagent will integrate Experian’s fraud and identity solution Precise ID with its Auto Loan Origination System (Auto LOS) to bolster identity verification process.