French consumer credit platform Younited has raised €60m in funding from its main shareholders including Goldman Sachs.

The round was also joined by Eurazeo, Crédit Mutuel Arkéa and Bpifrance via its Large Venture fund.

With this round, the firm’s valuation has touched €1.1bn.

Younited will use the proceeds to support the deployment of its ‘instant credit’ and open banking solution. 

Currently available in Spain, Portugal and France, the ‘instant credit’ offering will be launched in new geographies, the firm said.

Paris-based Younited is an EU-authorised and regulated credit institution offering personal loans. 

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It also offers banking-as-a-service (BaaS) technology solutions to businesses and works with companies to offer credit products. 

Additionally, the funds will be used for the development of Younited’s “Partnership” activities in all its markets, which include Italy and Germany other than Spain, Portugal & France.

The “Partnerships” channel, which was introduced at the end of 2018, allows Younited’s partners, retailers and financial institutions, to leverage technologies built by the firm to deploy an immediate credit solution on their platforms.

Younited chairman of the management board and co-founder Charles Egly said: “While Younited’s historical activity (“Direct-to-Consumer”) is profitable in 2022 across all of our five countries, this new fundraising will allow us to continue investing in our disruptive technology as well as in the deployment of our second activity (“Partnerships”) launched more recently.”

The fintech uses data from open banking to make credit decisions.

Younited chairman of the supervisory board Gilles Grapinet said: “This fundraising, despite a market context marked by the macroeconomic uncertainties we are experiencing, demonstrates the confidence of Younited’s investors, which I fully share thanks to the demonstrated maturity of its development strategy. Younited has all the cards in hand to become a major player in the European credit industry.”

In July 2021, Younited raised $170m in funding to strengthen its operations across Europe.