ING Ventures leads EUR19m funding round for Spanish PFM app Fintonic

ING Ventures leads EUR19m funding round for Spanish PFM app Fintonic

ING Ventures has led a EUR19 million funding round for Fintonic, valuing the Spanish personal financial management app at EUR160 million.

Following the round, which was joined by existing investors such as PSN Group, ING's venture fund owns 22% of Fintonic.

Founded in 2012, Fintonic has accumulated more than 700,000 active 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.

In November, Fintonic struck a deal with Amazon to provide Spanish clients with the option to fund interest fee purchases at the e-commerce store.

With revenue growing at 45% quarter-on-quarter, the startup is on track to reach break-even in Spain in the next six months. It is also in the process of launching in Mexico.

Lupina Iturriaga, co-CEO, Fintonic, says: "We have been working for over six years to create seamless financial services for our users.

"Our growth confirms that we are going down the right path, and it motivates us to continue our efforts with the same passion we felt the day we started."

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