After receiving its banking license from the Bank of Spain last week, personal finance platform Fintonic has become Spain’s newest challenger bank. Having passed all of the certifications, Fintonic is now a payment initiation service provider (PISP) and PSD2 compliant account aggregation service provider (AISP).

“We are very pleased to be pioneers in receiving this license, because it supports our value proposition to always be next to our users helping them with total transparency,” said Lupina Iturriaga, founder and co-CEO of Fintonic.

By becoming a PISP and AISP, the company anticipates it will be able to launch products and services that offer its 800,000 users a better way to manage their money. “Our ambition is to offer an ideal financial service with a platform that integrates different entities while maintaining the standards of independence and transparency promoted by Fintonic,” added Iturriaga.

Fintonic’s flagship offerings include financial management tools, insurance, and lending, which allows customers to take out loans of up to $45,000 (€40,000). The company recently revealed other plans in the works– including account-to-account transfers that happen in near-real time. By the end of this year, Fintonic’s goal is to amass one million users.

At FinovateSpring 2016, Fintonic debuted its alerts and inbox system to help users act in a timely manner on their financial needs and recommendations. The company, which recently received a $21.4 million investment, has $51 million in total funding and, earlier this year, was valued at $180 million.

Spanish personal finance platform Fintonic will offer Unicaja Banco’s consumer loans through its mobile application, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The app is free and currently has more than half a million users in Spain.

It uses a FinScore index, which evaluates the credit profile of both clients and non-clients, and offers them the possibility of obtaining financing, without the need to carry out any further procedure and from any mobile device.

This partnership is Unicaja’s first with a fintech and aims to formalize the entire flow of contracting the loan from an external platform or marketplace.

Fintonic’s loans have processed credits to more than 15,000 users, with a total volume exceeding €60 million.

Just last summer, BBVA joined Fintonic’s lending offering.

Unicaja is the seventh bank by market capitalization in Spain. It is currently working in the implementation of blockchain solutions, within the Niuron Consortium.

Fintonic demonstrated the alert and inbox system of its mobile banking solution – which helps users promptly respond to their financial needs, recommendations or product proposals – at FinovateSpring 2016. Founded in 2012, the company has raised more than $29 million (€26.2 million) in funding from investors including ING Group, Inception Capital, Ideon Financial Solutions, Onza Capital, and All Iron Ventures.

Personal finance app Fintonic announced today it will collaborate with Amazon in Spain. Starting next week, Fintonic customers in Spain will be able to finance their Amazon.es purchases ranging from $225 to $1,100 (€200 to €1,000) at a rate of 0% interest for up to four months.

Fintonic Founder and CEO Lupina Iturriaga said, “It’s an exceptional collaboration, as it opens a new way of cooperating between the fintech sector and online distributors, settling new alternatives for users to access e-commerce in beneficial conditions.”

While the idea is similar to point of sale financing, the actual logistics are a bit more complicated. Before making their Amazon purchase, users must first go to the Fintonic app, apply for the credit, and buy an Amazon gift card. The gift card can be used for multiple Amazon purchases and the balance is good for a maximum of ten years.

To apply for the credit, Fintonic users select the gift card amount and choose when they plan to pay the balance. As an underwriting method, Fintonic uses its FinScore, a score between zero and 900 that is determined by more than 160 factors about a user’s creditworthiness. Users with a score of 450 or higher are eligible for the Amazon.es purchase financing.

Founded in 2012, Fintonic is a consumer-focused financial management platform that aggregates all of an individual’s financial accounts to offer a single view of their overall financial health. In addition to helping its 500,000 users keep track of their finances, Fintonic also presents relevant loan and insurance offers through a free brokerage service.

Madrid-based Fintonic has raised almost $30 million, thanks in part to a $28 million round garnered in June of 2017. At FinovateSpring 2016, the company debuted its alerts and inbox system to help users act in a timely manner on their financial needs and recommendations. Earlier this year, Fintonic teamed up with BBVA to boost its in-app lending capabilities, allowing users to borrow up to $39,400.