Fintonic, a Madrid, Spain-based provider of a mobile app to optimize personal finances, closed a €25m round of funding.
Backers included ING Group and insurance group PSN, amongst other investors.
The company intends to use the funds to drive its growth in Spain and LatAm and increase its value proposition.
Founded in 2012, Fintonic allows users to organize in a single platform all their banking transactions no matter how many banks they are using, featuring an advice and alert system. With no need to switch banks, users can directly contract loans from four different banks and insurances amongst 40 companies, tailored to their profile in the best conditions.
Fintonic has recently introduced Finscore, a free index through which users know what their credit profile is, which enhances their negotiating capacity when contracting financial products.
The app has over 400.000 users in Spain and Chile.
The company, which consists of a team of over 50 professionals, experts in financing and new technologies, is also backed by Ideon Financial Solutions, Inception Capital, Onza Capital, Atresmedia, and other business leaders.