As a consequence of the pandemic, many startups have to resort to financial aid to continue developing their activity. This is the case of , which It has just obtained 10 million euros in the form of a loan convertible into shares.
This operation has been led by the main partners of the app, the ING bank and the PSN insurance group. The main objective of this operation is strengthen the capital of this after the negative impact of the coronavirus in contracting insurance and loans.
Fictonic, on the hunt for higher profitability and lower losses
Fintonic is an application born in 2012 and based in Madrid, whose purpose is The main objective is for the user to control and manage their finances from the mobile. Fintonic’s tool, which allows you to take out loans in less than three minutes without the need for procedures or paperwork, has been attractive to many large product and service companies that hope to increase their sales with this service, and with which the company has tried to to close alliances.
The Fintonic process is 100% digitalfrom analysis to signature, and has achieved integrate the offer of 10 financial entities reference. In six years, he has managed to position himself as a benchmark with his personal loan platform, since individuals can take out loans of up to 40,000 euros.
According to its CEO and co-founder, Lupina Iturriaga, Fintonic emerged in the midst of an economic crisis “to prevent the banks from sneaking it to the people”. However, since the entities themselves have been developing their financial management platforms, its business model has suffered.
This app closed a round last year reaching 44 million euros raised in total. After this new fundraising, increased its value to 160 million eurosto which we can now also add the new injection of 10 million.
Fintonic is currently has a net worth of more than 32 million euros “That allows them to face losses without endangering the balance of assets in the coming years,” they say from the company.
Thanks to this capital transaction received last year, they managed to close the year with fewer losses and do not expect to receive further financial aid in 2020: «The revised budget contemplates, in its multiple scenarios considered, some cash needs that are covered with the loan»,
The application counts among its investors illustrious names such as the Vice President of BBVA, Pedro Luis Uriarte; Carina Szpilka, president of Adigital, or the former CEO of Santander, Xavier Marin.
One million users
In addition to Spain, Fintonic is also present in Chile and Mexico. In recent months, the company has registered a growth of active users of 54%, with nearly 1,000,000 of them.
On the other hand, last year, Fintonic became the first fintech to obtain an official license from the Bank of Spain. With this, users can see the different movements in their accounts and make transfers. With this authorization from the Bank of Spain, it allows them to provide simultaneous payment initiation and account aggregation services.
On the other hand, Lupina Iturriaga, CEO and co-founder of Fintonic, continues to defend that Fintonic It is a bank-independent platform: “They will always want to sell you their products, we don’t care. We do not pressure anyone, we simply show the best product of all the entities.” it states.
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