Brief: BBVA Opts for Fintonic Loans Platform

Fintonic, a money management and savings app operating in Spain and Chile, now counts BBVA as a partner. BBVA has signed up to be part of the Fintonic loans platform.

Since launching six years ago with more than 760,000 aggregated bank accounts signed on, Fintonic provides real time information on bank accounts, credit cards and insurance policies. In addition, the platform also offers an alert system that advises when commissions are charged, when accounts are overdrawn, when insurance policies are about to expire.

In addition to BBVA, other large banks and financial companies such as EVO Finance, Wanna, WiZink or Zaplo have partnered with the Fintonic loan platform. To date, the platform has reportedly processed over 7,500 loans for its 450,000+ users, with a total volume of over 30 million euros and an average of 3,850 euros per contract.

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In 2017 Fintonic secured a 25 million euro funding deal, involving ING Bank and PSN Insurance groups. The Madrid-based platform, founded in 2012, has other investors such as Ideon Financial Solutions, Inception Capital, Onza Capital, Atresmedia and other private partners that provide extensive strategic expertise.

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