Fintonic to offer interest-free loans for Amazon shoppers in Spain
The Madrid-based personal financial management provider Fintonic has partnered with Amazon to offer its Spanish customers a zero percent installment loan for purchases made on Amazon.es.
Starting next week Fintonic customers in Spain who have signed up on its waitlist can be approved for a loan ranging in value between €200 (about $260) and €1,000 (about $1,300) and have a duration for up to four months. The funds will be used to purchase Amazon.es gift cards and can be used for several purchases on Amazon.es until the balance is completely used for a maximum period of 10 years.
“It’s an exceptional collaboration, as it opens a new way of cooperating between the fintech sector and online distributors,” stated Lupina Iturriaga, founder and CEO of Fintonic, in the press release on the company’s blog.
The loan approval process involves the creation of a “FinScore index” that determines the credit profile of each applicant and assigns a rating of between 0 and 900 points. Fintonic’s FinScore is based on the analysis of more than 160 variables that examines an individual’s financial background. Only users with a score of 450 or higher will receive the interest-free loan.
The credit request and loan management will be handled through the Fintonic app and decisioning will be completed in three minutes or less. The app is currently available for Android and iOS devices.
According to Crunchbase, a website that tracks investments in private fintech companies, Fintonic has raised €26.5 million (about US$34.5 million) in three funding rounds since 2012. The most recent capital raise, held in 2017, was a Series B equity round that generated €25 million (about US$ 32.5 million) in fresh capital. The Series B was led by Netherlands-based ING Group and included the Spanish venture capital firm All Iron Ventures.