Personal finance app Bankin’ has secured €20m in funding

Mobile money management platform Bankin’ has closed a new equity financing round on €20m to boost development.

Proceeds will be used to boost development of its money management tools and grow its team with over 20 new positions across the technology, marketing and coaching teams. In addition to this, the startup is hoping to increase its presence in France, Spain, Germany and the UK.

Bankin’ mobile app supplies a mobile-based personal finance solution which can categorise expenses automatically, establish monthly budgets, initiate transfers between accounts and third-party accounts, access information on improving spending and saving, and view graphs for savings.

This investment comes shortly after Bankin’ released its hybrid model which combines intelligent algorithms with human coaching to give consumers money saving capabilities.

Via its algorithms, the mobile app can detect savings opportunities which are customised to a user’s specific situation. Being tailored, a customer can understand how much they can improve savings on credits, insurance and banking.

The Bankin’ coaching team works on top of this and are there to give advice on how a consumer can optimise their personal finance.

Earlier in the month, fellow personal finance application Fintonic closed its own investment round on €160m. Capital was supplied by investors including ING Ventures, and PSN Group.

The app lets a user organise their bank, insurance, credit cards and loan detail in a single location, as well as take out a loan directly.

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