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Spanish online lending platform Prestalo has secured investment in an equity funding round to support its growth.

The funding round was led by a Swedish investment fund Segovia Capital.

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Existing shareholders including family offices and business angels also participated in the latest round.

Prestalo is raising funds in stages, with the first providing €500,000 ($595,082).

The latest investment round brings the total amount raised by the company to date to €1.5m ($1.78m).

Launched in 2018, this financing is part of Prestalo’s strategy for growth and supporting the expansion of its fully-automated consumer loans application and approval platform.

As part of the BBVA Open Innovation programme, Prestalo provides personalised offers and the ability to sign a loan agreement digitally, all in one place, within minutes.

It uses data aggregation to filter out the right customers and is designed to acquire clients online.

Prestalo provides banks and financial institutions with access to qualified leads when they are no longer able to use their offline channels.

The company onboards over 30,000 users each month and has 15 banking partners.

Prestalo CEO Kristoffer Hanson said: “A new capital injection will fuel the growth that we have been experiencing, which has also accelerated during the pandemic. Funds will allow us to expand the team and strengthen our position in the market even further.”

Segovia Capital partner Carl Lundh added: “The company has a great team, a good footprint in the market, and a state-of-the-art platform. We are glad to help Prestalo to catalyse its growth potential.”