Banco Santander SA (SAN.MC) is investing in German alternative credit scoring and personal finance recommendations app Bonify, it said Tuesday.
Through its fintech venture capital fund Santander InnoVentures, the Spanish banking giant said it “leads the latest funding round” of the company, which marks the fund’s first investment in Germany.
Bonify, which has more than 300,000 users, “evaluates consumers real-time creditworthiness, enabling users to improve their financial wellbeing through tailored, in-app financial and non-financial recommendations,” Santander said.
The funding round also counts on the participation of Mosaic Ventures and Ribbit Capital–which led February 2017’s 5.5 million euro ($6.2 million) Series A round–and existing investors DN Capital, among others.
“In 2019 we plan to expand the business further into Europe,” Bonify Chief Executive Gamal Moukabary said.
