ING Ventures leads €19m funding round for Spanish fintech

By Roger Baird on Friday 12 April 2019

Alternative LendingDigital BankingSavings and Investment

The Dutch fund also takes a 22 per cent stake in Spanish personal finance platform Fintonic as part of the deal.

Fintech fund ING Ventures led a €19m funding round for Spanish personal finance platform Fintonic, as the start up extends into new markets and services, according to reports.

The move values the Madrid-based business at €160m and gives ING Ventures a 22 per cent stake in the firm founded seven years ago.

Fintonic, which operates in Spain, Mexico and Chile, allows customers to link their bank and card accounts for a clearer view of their finances. The service, which has 700,000 active users, also offers loans and insurance.

The firm has boosted its active users by 74 per cent over the last 14 months, according to Finovate Blog. The business, founded in 2012, expects to break even over the next six months. It has received a total of €51m from investors since launch.

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

"We have been working for over six years to create seamless financial services for our users,” said Fintonic co-chief executive Lupina Iturriaga, according to Finextra.

He added: "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."

ING Ventures, owned by Dutch bank ING, is a €300m fund set up to invest in fintech companies around the world.

Separately, ING launched free money management app Yolt in 2017, which allows some 500,000 registered users in Britain, Italy and France to view their bank accounts in one place, helping customers to manage savings and investments and cut costs.    

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