Spanish personal finance app Fintonic has hit a €160m valuation thanks to an investment round led by new backer ING Ventures.
ING become a 22 per cent shareholder of the business through the €19m round, with other stakeholders including PSN Group.
Fintonic’s app look to allow users to manage their personal finances better by solving their financing needs and helping them to save.
The app organises bank, insurance, credit cards and loan details into one place, and also allows users to take out loans in less than three minutes without the need for any special procedures or paperwork.
Over the last 14 months the app has increased its number of active users by 74 per cent, and recorded a quarter-on-quarter revenue increase of 45% over the same period.
It has also recently expanded its activity into Chile and Mexico.
Fintonic founder and co-CEO Lupina Iturriaga said, “We have been working for over six years to create seamless financial services for our users.
“Our growth confirms that we are going down the right path, and it motivates us to continue our efforts with the same passion we felt the day that we started.
“We are very excited about the future, and we will be announcing more great things over the next few months.”
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