German credit scoring and personal finance app Bonify has received new funding from Santander Group’s fintech venture capital fund Santander InnoVentures (SIV).
The financial details of Bonify’s latest funding round were not disclosed. The investment marks SIV’s first investment in Germany.
Go deeper with GlobalData
The latest funding round was also joined Bonify’s existing investors Mosaic Ventures, Ribbit Capital and DN Capital.
Bonify CEO and co-founder Gamal Moukabary said: “We are really excited to welcome on board Santander InnoVentures as a strategic partner for our next stage of growth.
“In 2019 we plan to expand the business further into Europe and we will continue to use data to serve our customers’ individual needs and improve their financial wellbeing.”
Santander InnoVentures partner Manuel Silva Martínez said: “Bonify’s mission to educate consumers about the importance of their credit score and help them take control of their personal finances aligns perfectly with our values of improving consumers’ lives through a smarter usage of data.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFollowing the investment, Martínez will join Bonify’s board of directors as an observer.
What Bonify does?
The personal finance app assesses real-time creditworthiness of the customers and offer customised recommendations to enable greater control over their finances.
Offering its recommendations through smart nudges, the app encourages the consumers to save additional money by switching to a different loan or provider.
Recently, Bonify upgraded its analytics engine to further optimise the personalised recommendations.
To date, it has provided more than 600,000 credit reports.
