Banco Sabadell's digital venture hub InnoCells has bought a Spanish startup that offers consumer financing at the physical and online point-of-sale. Financial terms were not disclosed.
Founded in Barcelona in 2016, Instant Credit has built an online consumer financing platform that acts as an intermediary for people to get quick access to credit from financial institutions in Spain and elsewhere in Europe.
Whether in a physical store or on an ecommerce platform, the system lets shoppers submit credit requests 100% digitally and receive the funds instantly. Payments are then automatically deducted from the customer's bank card or account.
The acquisition is the third investment made by InnoCells, which has been tasked with making deals that contribute new technology, talent and knowledge to Banco Sabadell.
In the case of Instant Credit, the bank believes it is getting a company at the forefront of a fast growing segment. Consumer financing in Spain hit just over EUR31 million in 2017, up 15% on the previous year.
Julio Martínez, executive director, InnoCells, says: "Instant Credit offers an agile, omnichannel payment experience, which is very much in line with the needs of the digital world. The acquisition of the company represents Banco Sabadell’s strategic commitment in payment methods and consumer financing."