The Madrid-based Fintonic has recently received a round of funding of 19 million of euros. Thanks to its application, any user can manage their savings through their mobile phone, being totally independent from the institutions.
At a more general level, we have analysed the mobile banking sector with the transactions of sales of companies most recent.
Round C Series for Fintonic
Fintonicbased in Madrid and founded in 2012, is dedicated to the development of a online platform from which the user could managing your savings. They are entity-independent, which allows them to offer the most appropriate service for each user, no conflict of interest. They currently have more than 700,000 users who fully trust their application. As a curiosity it is worth mentioning that they won the "Google Award" in the field of mobile innovation.
On 11 April 2019, Fintonic has closed down a financing round C series of 19 millionled by ING Ventures, the Venture Capital arm of ING Group. Shareholders of companies such as Previsión Sanitaria Nacional (PSN) have also participated in the injection.
The proceeds of the funding round will be used to drive Fintonic's growth in Spain and Latin America. The funding comes at a time of tremendous growth for Fintonic, which has increased its active users by 74% in the last 14 months. Part of this growth is due to the success of Fintonic's loan offering, which allows customers to borrow up to EUR 40,000. The company expects to lend over EUR 1 billion in less than three years.
Selling companies internationally
After conducting a study on the sales of companies in the mobile banking sector, we would like to mention the following recently confirmed transactions:
- Penta
Founded in 2016 and based in Berlin, Penta offers a digital bank account aimed at startups and SMEs. Penta is designed to allow business owners to save time and money on banking so they can focus more on their core business.
Penta sold to FinTech company Finleap on 2 April 2019. The amount of the transaction has not been disclosed at this stage.
- Quovo
Quovo es una plataforma de datos que proporciona a las empresas connectivity and information for millions of consumer financial accounts in more than 14,000 different institutions. Account connectivity is the lifeblood of digital finance. Its APIs, modular applications and enterprise solutions help businesses deepen their customer relationships with a better connection to their financial lives.
8 January 2019 Plaid made the purchase of Quovo, in a transaction for which the amount is unknown. This has been its only acquisition since its foundation, where we can deduce that it was a strategic transaction by purchasing a competitor's business.
- Chillr
Chillr es una FinTech india que simplifies mobile banking and financial transactions for millions of users. It allows users to send money directly between bank accounts using just the mobile phone number. The company works closely with leading banks including HDFC Bank, Bank of Baroda to make payments simple, secure and instant.
The Indian company was sold to Truecaller on 13 June 2018, for which the financial amounts are unknown. Truecaller is a mobile app that allows you to see who is calling and block unwanted calls.
- Malauzai Software
Malauzai was founded in 2009 in responding to the growing demand from technology companies that could provide mobile solutions for financial organisations. Provides consumers or small businesses with employee SmartApps, SmartwebApps and SmartwearApps that enhance the customer experience for mobile and internet banking.
On 18 June 2018, we learned of the sale of the company to Finastra, the fourth acquisition deal confirmed by the UK company. Finastra provides a broad portfolio of financial services software.
- Every
Founded in 2017 in Toronto, Every is a bank account designed for online business for small businesses.
On 4 March 2019, we have seen how Every was brought to WaveThis is their only purchase so far. The financial amounts were not disclosed.
«Nuestro enfoque moderno para depositar cuentas y productos de tarjetas, combinado con los productos financieros de Wave, permitirá reducir muchas fricciones para los propietarios de pequeñas empresas», dijo Jeremy Black, CEO de Every, tras la operación de venta.