Spain: Banco Sabadell to Partner with Fintech Nemuru to Provide Instant Loans for Renovations

Banco Sabadell, a bank based in Barcelona, has reached a partnership agreement with Nemuru – a Fintech that seeks to make it easier for professionals in the renovations sector to offer their customers instant loans at the point of sale. Banco Sabadell reports that the system is already in place and the first transactions have commenced.

Banco Sabadell states that SMEs in the renovations sector can receive tailor-made financing at the point of sale and in just three minutes via a mobile phone. Users may improve their access to financing and service professionals have a digital tool for generating instant loans to acquire new business.

Joaquin Subira, Assistant General Manager of Sabadell Consumer Finance, states:

“the collaboration of banks and [Fintech] startups is essential in the path of innovation and open banking, as well as to broaden the distribution of the financial offer. Thanks to our technological implementation with Nemuru, we are even more prepared to offer products on third-party platforms, thus providing greater and better customer access.”

Pere Monràs, CEO and co-founder of Nemuru, says the personalized loans can be provided immediately:

 “Having Sabadell Consumer Finance is a catalyst that will enable us to increase the scalability of the business and grow exponentially, as well as strengthen our customers’ trust.”

Nemuru acts as an intermediary that enables instant and flexible financing options to their customers at the point of sale, helping them to develop their business through the possibility of closing more estimates and of a higher average amount, and without an operational cost to them, as it is managed directly with the customer and the bank. In addition, the platform is said to digitally replicate the usual process of service progress certifications, which reduces the operational burden to the renovator, who does not have to follow-up with their customers and receives payment easily.

The Nemuru was founded in 2018 and currently claims more than 350 professionals registered on the platform. The Fintech has surpassed the one million euros barrier managed monthly to renovate homes. The personal loans managed by the startup range from €1,000 to €20,000 to be repaid up to 36 months.

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