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Fintonic to Use $28 Million Round to Move Beyond Loans and Insurance

Personal finance app Fintonic landed $28 million (€25 million) in Series B funding today. The venture round comes from ING Group, PSN, and others.

When combined with a Series A round the company received in 2012 and a round of an undisclosed amount in 2014, today’s funding brings the company’s total raised to $29.5 million. Fintonic will use the new cash to grow its presence in Spain and Latin America, as well as to further build out the product.

The company has 400,000 users and is available to users in Spain and Chile. The mobile app aims to offer users more visibility into their financial health. Fintonic leverages big data and uses its proprietary credit score (FinScore) and machine learning algorithms to match users with targeted loans and insurance products from more than 50 companies.

Fintonic CEO Sergio Chalbaud demos Fintonic’s alert system at FinovateSpring 2016

Founded in 2012, the Madrid-based company counts Ideon Financial Solutions, Inception Capital, Onza Capital, and Atresmedia as previous investors. 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.