BBVA joins Fintonic’s lending platform
Lendtech innovation in Spain
What do you get when you cross personal finance management (PFM) functionality with a full lending platform? Courtesy of a new partnership between Spanish fintech Fintonic and BBVA, we are about to find out, writes David Penn at Finovate.
BBVA will be a part of Fintonic’s loans platform. The innovative bank joins EVO Finance, Wanna, and a growing number of large banks and financial institutions that have already joined Fintonic’s loan platform, which has processed more than €30 million in total loan transaction volume to date.
“Fintonic goes beyond the traditional PFM system and, unlike banks, it is committed to a marketplace that offers loan alternatives from various institutions,” says Lupina Iturriaga, founder and general manager of Fintonic.
Fintonic offers a unified digital banking solution that combines all of the user’s basic financial information – banking, insurance, credit cards, loans – into one mobile app. More than 450,000 people are using Fintonic’s app to better understand their spending and saving behaviors.
The company boasts that in 2017 its platform saved users €13 million in reimbursed charges and sent more than 278,000 alerts to warn users about potential overdrafts.
The new partnership with BBVA will enable users of the Fintonic app (available from both Google Play and the Apple App Store) to obtain loans of up to €30,000 without having to leave the app. The platform leverages risk profiles and customer data based on economic, social, and demographic analyses, as well as machine learning prediction algorithms and external sources such as Factiva to provide loan approvals in three minutes or less.
Fintonic is also the developer of the FinScore, a free, personalised index that gives users information about their credit profile and how it affects the attractiveness of certain financial products.
Founded in 2012 and headquartered in Madrid, Spain, Fintonic has raised more than $29 million in funding, and includes ING Group, PSN, Ideon Financial Solutions, Inception Capital, Onza Capital, and Atresmedia among its investors.
