Spanish PFM app Fintonic raises EUR25m
27 June 2017 | 5491 views | 2
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.