Fintonic teams up with Mastercard to provide joint financial services
- In 2019, the personal finance app provided its users with over 100 million euros in financial credits via its loan marketplace
- The group of companies making up Fintonic saw their revenues grow by 276% over the last year
- Fintonic plans to reach the breakeven point in global terms in 2020
Fintonic, the leading personal finance app in the Spanish-language market, has reached an agreement with Mastercard, and now the two companies will jointly develop new financial services. This collaboration is part of the growth plan through which the fintech will provide its users with new functionalities entailing significant changes in the way they operate with their money.
This is one of the major new developments that will be explained by Lupina Iturriaga, founder and co-CEO of Fintonic, when she speaks on January 28 at the Paris Fintech Forum, one of the landmark meeting places for the European fintech industry.
“We are very proud of being Fintonic’s partner of choice to develop new functionalities which will add a differential and unique value to its users when managing their finances. Our objective is to take our technology at the service of our partners, offering them high quality personalized solutions and services”, said Paloma Real, Country Manager, Mastercard Spain.
During the meeting, Iturriaga will take part in an event that analyses the new B2C business models with the greatest projection in the world, and she will share some insight into the Fintonic experience. After more than seven years operating in the market and with a presence in Spain, Mexico and Chile, Fintonic is a benchmark in the development of services geared to better managing users’ home economy, savings and financing needs.
In this respect, one of its most innovative proposals is the loan marketplace, the first one to be launched on the market three years ago, backed by banks such as Santander, Bankinter, BBVA, Cajasiete, Creditea, EVO Finance, Unicaja, Wanna, Wizink, Younited, CapitalOnTap, MovistarMoney, Fidinda, Zaplo, Ibancar, MoneyMás y MonedoNow. Through this platform, in 2019 alone financial credits totalling over 100 million euros were granted.
Outlook for 2020
In 2019, the group of companies making up Fintonic recorded an excellent performance, with revenues growing by 276%. This trend will continue in 2020 and, according to company forecasts, it will be boosted by the launch of new products and functionalities. This means that the global breakeven point will be reached throughout the year by all the group companies.
“We have achieved a very relevant position in our users’ day-to-day operations. They see us as an ally, because they appreciate our independence and transparency proposal, as well as our willingness to be by their side, providing them with the products and services that are best suited to their needs,” says Lupina Iturriaga. Also, «we are growing exponentially, while at the same time becoming a core feature in our users’ financial universe.”
Fintonic is the leading banking platform in the Spanish-language market
Fintonic provides personalized solutions to solve its users’ main financial needs: it helps them control and optimally manage their economy; it solves their financing needs and provides many transactional solutions for their day-to-day banking operations.
First Challenger Bank with a full suite of personalized products:
Fintonic improves and optimizes users’ finances:
- PFM (Personal Finance Management), allowing users to:
- Integrate all their accounts and cards in the same place, so that they can closely monitor their banks and insurers.
- Instantly access all financial movements.
- Have updated information on the state of their finances, thus facilitating their analyses and decision-making.
- Receive updates, reports and notifications regarding their accounts. This helps them detect any excess or incorrect charges, overdrafts, etc. Thanks to this, in 2019 over 14 million euros were saved just due to reimbursed fees, and 84,298 alerts were sent out in connection with overdrafts.
- Insurance Broker. Using its Insurance Platform, which comprises over 35 insurers, Fintonic analyses its users’ policies, negotiates the best conditions and manages any claims payments due on their behalf.
c. Review of electricity and telecoms invoices. Fintonic analyses whether users have contracted the appropriate rate and gets price reductions on their behalf, renegotiating conditions with the same company or cancelling the contract and registering with another company.
During their first year using the application, Fintonic users can save up to 3,000 euros.
2. Fintonic solves users’ financing needs:
a) FinScore: Fintonic empowers users via its proprietary data-driven credit scoring tool:
- Thanks to FinScore, users will be able to negotiate better terms in order to obtain lower interest rates, higher financing amounts and longer repayment periods.
- Driven by Fintonic’s unique platform, users will be able to improve their FinScore thanks to tailored recommendations for each financial profile.
b) Real-time digital lending offering tailored to users’ profile and needs:
- End-to-end, digital, fast and customer-centric process entirely developed within the platform.
- Wide-ranging financial offer:
- From an average loan size of €750, up to €70,000, from 5% to 30% APR
- Flexible pricing strategy to provide the best conditions to our users, according to their individual user profile.
- Transparency and highly competitive conditions.
3. First Spanish fintech authorized by the Bank of Spain to provide PIS and AISP services
Fintonic is the first Spanish fintech authorized by the Bank of Spain to simultaneously offer a Payment Initiation Service (PIS) and act as an Account Information Service Provider (AISP) regulated by PSD2. Thanks to this licence, the app incorporates transactional functionalities such as money transfers and card payments.
The Marketplace Platform model means that there are no conflicts of interest when Fintonic seeks personalized products and services to solve the needs of every one of its users.
Additional interesting facts:
Fintonic’s track record and success over recent years has been recognized with 10 awards, including the Google Award for Mobile Innovation in Finance.
Fintonic consists of a team of over 150 professionals who are experts in the financial and new technologies sector. The company is backed by the likes of Ideon, Financial Solutions, Inception Capital, Onza Capital, Atresmedia, ING Group, PSN, as well as other private partners who contribute their strategic expertise.
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