Santander invests in German personal finance app Bonify

Ben Heathcote

In App Deals. November 18, 2018

Credit score and personal finance app Bonify has secured funding from Santander InnoVentures (SIV), the banking group’s fintech venture capital fund. This is SIV’s first investment in Germany and adds to its 21 other fintech investments to date.

Bonify evaluates the ‘creditworthiness’ of users in real-time, allowing them to improve their financial wellbeing through personalised in-app recommendations. This includes ‘smart nudges’ which prompts them to save money by switching to a different loan or energy provider.

The investment comes as Bonify also announces an upgrade to the analytics engine that powers its service, enabling the firm to further optimise the personalised recommendations that it offers.

Gamal Moukabary, co-founder and CEO, said:

“We are really excited to welcome on board Santander InnoVentures as a strategic partner for our next stage of growth. In 2019 we plan to expand the business further into Europe and we will continue to use data to serve our customers’ individual needs and improve their financial wellbeing.”

Manuel Silva Martínez, partner at SIV, added:

“Bonify’s mission to educate consumers about the importance of their credit score and help them take control of their personal finances aligns perfectly with our values of improving consumers’ lives through a smarter usage of data. Bonify follows the trail of similarly successful models across the world. We are excited to partner with Gamal, Andreas, world-class VC investors and influential German angel VCs to turn our first German investment into an international success.”

Bonify’s user base has increased threefold since the company’s €5.5 million Series A round in February 2017 and has provided over 600,000 credit reports.

Mosaic Ventures and Ribbit Capital, who led last year’s round, also participated in the latest investment, together with existing investors DN Capital and a number of successful entrepreneurs and angel investors from the German and the international fintech scene.