Santander Invests in German FinTech App Bonify
November 13 2018 - 8:56AM
Dow Jones News
By Pietro Lombardi
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 EUR5.5
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.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 13, 2018 08:41 ET (13:41 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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