Spain’s MyInvestor scores €20m funding round

Spanish challenger bank MyInvestor has scored €20m in a new funding round on the back of a successful year of growth.

The investment was supplied by Andbank España, which will hold a 75% in the business, and AXA España, El Corte Inglés Assegurances and angel investors which share the remaining 25%.

Andbank España is contributing €10m to the neobank to foster its growth in the coming year.

MyInvestor has attracted 16,000 clients to date and ended the year with a turnover of €200m, it claims. The bank also saw its turnover more than double during the second half of the year.

The digital bank MyInvestor provides consumers access to mortgages, accounts, debit cards, pension plans and investment funds.

Andbank España CEO Carlos Aso said, “this equity round confirms the success of a business model in which cost-efficiency and a financial marketplace philosophy enable us to provide our clients with a premium service, combining the most competitive mortgages with the investment funds, pension plans and the insurance most in demand in the market.”

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