German personal finance app lands Experian and Santander in funding round

By Roger Baird on Tuesday 16 July 2019

Digital Banking

Berlin-based bonify said it will use the cash to boost new product development.

German personal finance app lands Experian and Santander in funding round
Image source: from Pexels


Personal finance start up bonify has announced investments from heavyweight backers Experian and Santander.

The German firm runs an app that allows customers to check their creditworthiness online at any time, it also gives them access to a range of management tools to improve their finances.

The business, founded four years ago, has more than 500,000 users and employs over 30 staff at its Berlin head office. 

Bonify said it will use the cash to boost its product offering and accelerate growth. 


Foreign markets

This unnamed investment is led by Experian Ventures, the venture capital arm of UK credit checking giant Experian valued at £22bn. Santander InnoVentures, the $200m corporate venture fund run by Spanish bank Santander, also took part in the funding round.

Bonify founder and chief executive Dr Gamal Moukabary said: “Experian's investment shows that we are on the right track. 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.”

Experian managing director UK, Ireland and EMEA Charles Butterworth added: "We are excited by the way bonify is helping people in Germany understand, engage with and improve their credit scores.”

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.