Bonify, a German fintech startup and personal finance app, has secured investment from credit reporting giant Experian and Spanish banking group Santander. The financial terms of the deal were not disclosed.
Based in Berlin, bonify was founded four years ago and currently employs a team of over 30 staff and boasts more than 500,000 users. The app gives customers easy access to their creditworthiness and financial data, offering them a number of financial management tools to help analyse and optimise their financial situation.
Founder and CEO of bonify, Dr. Gamal Moukabary, said:
“Experian’s investment shows that we are on the right track. It rewards our achievements and our unique value proposition. Experian is an ideal investor and partner for us to support the next growth phase. Our goal is to expand our operations into other European countries.”
Charles Butterworth, managing director Experian UK, Ireland and EMEA, added:
“We are excited by the way bonify is helping people in Germany understand, engage with and improve their credit scores. We look forward to supporting the team as an investor and partner in their future growth.”
Experian and Santander joined other backers including Mosaic Ventures and Ribbit Capital. Bonify said it will use the cash to boost its product offering and accelerate growth.