By Roger Baird on 16th July 2019
Berlin-based bonify said it will use the cash to boost new product development.
Personal finance start up bonify has announced investments from heavyweight backers Experian and Santander.
The German firm runs an app that allows customers to check their creditworthiness online at any time, it also gives them access to a range of management tools to improve their finances.
The business, founded four years ago, has more than 500,000 users and employs over 30 staff at its Berlin head office.
Bonify said it will use the cash to boost its product offering and accelerate growth.
This unnamed investment is led by Experian Ventures, the venture capital arm of UK credit checking giant Experian valued at £22bn. Santander InnoVentures, the $200m corporate venture fund run by Spanish bank Santander, also took part in the funding round.
Bonify founder and chief executive Dr Gamal Moukabary said: “Experian's investment shows that we are on the right track. Experian is an ideal investor and partner for us to support the next growth phase. Our goal is to expand our operations into other European countries.”
Experian managing director UK, Ireland and EMEA Charles Butterworth added: "We are excited by the way bonify is helping people in Germany understand, engage with and improve their credit scores.”