Online consumer financing platform Instant Credit has been acquired by InnoCells, the digital ventures department for Spain-based Banco Sabadell.
This strategic acquisition was made to support Banco Sabadell with its proposal in payment methods and consumer financing for its 19,000 online retail customers.
Barcelona-based Instant Credit offers both online and offline retailers with sales financing options. The solution lets a consumer choose a credit line for purchases they make at retailers to pay for the product over monthly instalments.
The company currently offers financing through financial institutions in Spain and other European countries, but hopes to expand its presence to support e-commerce businesses operating across multiple regions.
Retailers are paid the full amount instantly, and the consumer automatically makes monthly instalments to the loan provider.
Instant Credit founder and CEO Octavio Soler Bach said, “We are very excited about the potential created in this new stage. We will be adding all of Banco Sabadell Group’s capacities to our model to grow our multi-financial solution for retailers and consumers located throughout Europe.”
Over the past five years, Banco Sabadell has supported over 50 startups and deployed €150m in funding and financing. In February, InnoCells led the €1m seed investment of Biometric Vox, a Spanish company that provides authentication and electronic signature technology through biometrics.
Late last year, InnoCells co-led the £1.5m of funding into Bud, a London-based banking app and website that aggregates financial services.
There have been a handful of FinTech deals in Spain this year. Business management company Holded was among these, securing a $1.6m equity round from Nauta Capital.
Copyright © 2018 FinTech Global
