Santander invests in German fintech Bonify
Santander InnoVentures, the investment arm of Santander Group, has taken a participating investment in Bonify, the German credit-scoring fintech Bonify, in its latest funding round.
For Bonify, the investment remains undisclosed, but a spokesperson told FinTech Futures it had been “a few million”.
Gamal Moukabary, CEO and co-founder, Bonify, states: “In 2019, we want to expand our business to other European markets and keep innovating in the way we use data to attend to our clients’ personal needs and financial welfare.”
For Santander InnoVentures, this is the first investment in Germany, added to the other 21 firms it has previously invested in.
Manuel Silva Martínez, who is a director partner at Santander InnoVentures, and will join Bonify’s board of directors as an observer, comments: “Bonify follows the trail of similarly successful models across the world. We are excited to partner with Gamal, Andreas [Bermig – co-founder], world-class VC investors and influential German angel VCs to turn our first German investment into an international success.”
Bonify makes recommendations to customers about their suppliers and financial products based on their credit score and history.
Explaining this investment, Santander InnoVentures highlights Bonify’s data analytics engine, and its ability to tailor consumer offerings.
Bonify says its client base has tripled since its €5.5 million Series A in February last year, led by Mosaic Ventures and Ribbit Capital – who also participate in this latest round.