Participated · Convertible Note · Oct 2020

Fintonic provides account aggregation, automated transaction categorization and a marketplace that connects users with lenders via a digital end‑to‑end credit process using its FinScore credit rating. The company plans to focus growth on consumer credit and expanded open banking and data‑analytics services. It is launching a new subsidiary, OpenInsights, to deliver advanced open‑banking and anonymized data analytics products for businesses and financial institutions. Leadership is being renewed: founders Lupina Iturriaga and Sergio Chalbaud have stepped back from day‑to‑day management but remain investors and board members, while corporate governance will include investor representatives and CFO Sergio Sánchez. Product leadership includes Iker De los Ríos heading OpenInsights (at Fintonic since 2014) and Enrique Moral overseeing the loans and B2C product area. Financially, Fintonic strengthened its capital structure through a transaction that converts debt and injects new capital to support the strategic shift. Fintonic operates a personal-finance app and platform that helps users manage their finances and contract financial products. The company manages a consolidated net equity of more than €32 million, which the article says allows it to absorb losses without endangering its patrimonial balance. Its business was hit in the early months of the COVID-19 pandemic, affecting lending, financial intermediation and insurance activity. The recent financing was intended to reinforce capital in response to the pandemic's impact. The article notes prior capital activity, including a nearly €19 million capital increase the previous year. ING has increased its stake over time to reach roughly 22% of the shareholding, alongside shareholders such as Ideon Financial Solutions, Onza Venture Capital and Inception Capital. Fintonic is a personal-finance app that helps users manage finances and offers loan contracting from up to 10 financial institutions. The company reported 700,000 active users after 74% growth over 14 months and a 45% quarterly revenue increase in the same period. It expects to reach breakeven in Spain within six months. Fintonic has expanded geographically, operating in Spain (headquartered in Madrid), Chile, and recently opening offices in Mexico. The company has also broadened its financing capabilities with a bond issuance program of up to €70 million listed on the MARF and approved by the CNMV. Core product focus remains on personal finance management and lending partnerships with financial institutions. Fintonic offers a mobile app that lets users organize all their banking transactions from multiple banks in a single platform while providing advice and alert systems. Users can contract loans directly from four different banks and obtain insurance products from around 40 companies without switching banks. The company recently introduced Finscore, a free index that shows users their credit profile to improve their negotiating position for financial products. Fintonic has over 400,000 users in Spain and Chile and employs a team of more than 50 professionals. Founded in 2012 and based in Madrid, the company is backed by a mix of strategic and financial investors. It plans to use the new funding to drive growth in Spain and Latin America and to increase its value proposition.