Spanish personal finance app Fintonic has secured an investment of €19m to take its overall valuation to €160m.
The latest funding round was led by ING Ventures and joined by existing investors PSN Group. Following the latest investment, ING Ventures owns 22% stake in Fintonic.
Go deeper with GlobalData
Fintonic is a personal finance app designed to enable the users to manage their finances better.
The company said that it has registered a 74% increase in active users over the last 14 months. Currently, it has around 700,000 active users.
Besides Spain, Fintonic app has significant presence in Chile and has recently forayed in to Mexico.
In Spain, the firm allows customers to borrow up to €40,000. Its loan disbursement process is completely digital starting from analysis to the final signature.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn November, it partnered with e-commerce business Amazon.es to finance purchases ranging between €200 and €1,000 at 0% APR.
Additionally, it has applied for AISP and PISP licences in Spain within the framework of the PSD2 EU Directive.
Fintonic co-CEO and founder Lupina Iturriaga said: “We have been working for over six years to create seamless financial services for our users.
“Our growth confirms that we are going down the right path, and it motivates us to continue our efforts with the same passion we felt the day that we started.
“We are very excited about the future, and we will be announcing more great things over the next few months.”
