Fintech platform fonYou has announced that it has acquired €7 million in capital from Banco Santander’s Smart Fund, as part of a financing transaction that will aim to support fonYou’s future tech development and market expansion as it introduces its Fintech solutions across different regions – such as Latin America, Europe, and the MENA region.
The updated framework and finance agreement will aim to fund fonYou’s product development program and future roadmap, as it focuses on expanding its sector-wide operations beyond telecoms to integrated digital finance enablement across international Fintech and digital commerce markets.
fonYou’s roadmap is primarily focused on providing innovative technologies to support the deployment of embedded finance services – such as instant payments, Buy Now, Pay Later (BNPL) and new types of credit modalities – in collaboration with connected mobile operators, digital commerce, and the larger banking industry.
Leveraging its extensive experience, acquired by providing AI-enhanced data analytics and digital transformation solutions to enable revenue growth within the telecoms industry, fonYou is positioned to cater to the requirements of various vertical markets that are looking to allow for frictionless, digital financial transactions in real-time.
Fernando Núñez-Mendoza, Co-Founder and CEO of fonYou, stated:
“This milestone financing secured from Banco Santander’s Smart Fund is a clear expression of confidence in our business – recognising the very significant market opportunities presented by the high-growth digital finance sector, which our innovative, AI and ML-driven fintech solutions are uniquely placed to serve. We are in a unique position to take advantage of these opportunities with our multi-industry Fintech solutions based on Cloud and Artificial Intelligence. With the support of the Smart Fund, we will accelerate the expansion of our team and drive product development, as well as our international commercial strategic plan. Our first objective is to provide a new generation of users with access to the digital economy and e-commerce through open, secure financial solutions designed for mobile devices.”
Banco Santander’s Smart Fund is a financing initiative that aims to support qualified SMEs in the development and execution of their growth plans for sustainable, digital initiatives with solid job creation potential.
With a current allocation of EUR 1.12 million, the Smart Fund is reportedly being supported by the INNOVFIN SME Guarantee, which is supported by the European Union via the Horizon 2020 Financial Instruments program.