Spanish PFM app Fintonic raises EUR25m

Spanish PFM app Fintonic raises EUR25m

Spanish personal finance management app Fintonic has raised EUR25 million in a funding round joined by ING Group and insurance outfit PSN.

Founded in 2012, Fintonic has accumulated more than 400,000 users in Spain and Chile, enabling them to link their bank and card accounts for a better view of their finances.

The app uses the financial data to build a credit profile and suggest tailored loan and insurance products from 40 providers.

The firm stresses its independence from the partners it works with, saying that it is taking advantage of Europe's PSD2 to put power and data in the hands of consumers.

The new money will be used to develop the app and drive growth in Spain and Latin America.

Comments: (2)

Colin Weir
Colin Weir - Moroku - Sydney 27 June, 2017, 09:36Be the first to give this comment the thumbs up 0 likes

PFM’s have been in market for nearly 20 years with Yahoo, Citi Bank My Citi, Chase Online Plus, Wells Fargo One Look all early pioneers.

These were and perceived as account aggregators born out of a desire to find our where else customers were banking so they could target them for loans and additional servcies and were cloaked in a sales pitch of getting your accounts in one place so you could see your position.

Sounds like that poor horse is still alive

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 27 June, 2017, 19:03Be the first to give this comment the thumbs up 0 likes

There's still hope for the PFM. As long as it fulfills my wish list http://lnr.li/Q6npt.