Funding will allow expansion of platform and improved financial management tools
Berlin (February, 20th 2017). bonify, the free credit-scoring startup with over 100,000 users, today announced it is set for its next phase of growth after raising €5.5m in Series A financing. The round was led by Mosaic Ventures, the leading fintech investors based in London, and Palo Alto-based Ribbit Capital. Other investors are Index Ventures, DN, HW and the founders of Zalando and Raisin.
bonify is a unique platform that offers easy to read credit-reports, allows users to check and correct their scores, monitor changes, and receive tips on how to optimize their scores. It’s state-of-the art Personal-Financial-Management-Tool (PFM) helps users manage their money with an easy overview of income and spending. Combining a personal credit score with transactional history gives customers for the first time a holistic view of their “real” creditworthiness.
In addition, bonify gives users pre-approved, personalized recommendations, e.g., loans or energy, to help them save money based on their credit profile, while maintaining the highest standards of privacy and data protection. bonify never sells customer data to any third party.
Since launching in April 2016 bonify has grown rapidly, delivering 150,000 credit reports with 70 – 80 per cent of users choosing to upload their account details and make use of the financial management tools. The new funding will allow the company to improve the proprietary technology behind its platform, grow its user base and offer customers access to an even more tailored service. bonify’s mission remains the same: to educate consumers about the importance of their credit score and help them take control of their personal finances.
“At bonify we want our users to always make the best possible financial decisions. This starts with transparency – through free personal credit scores. Our goal is to educate consumers on the importance of that credit score and how best to keep track of it.” said Gamal Moukabary, founder and CEO of bonify “We then use our unique data driven approach to tailor a range of financial products to each user, which offers them the tools to optimize their individual circumstances.”
“We’re delighted to partner with the bonify team. The technology they’ve developed, to combine free credit scoring with personalized financial insights, is helping to educate consumers and enable thousands of users to make better financial decisions” said Simon Levene, Partner, Mosaic Ventures “we look forward to supporting them in the next phase of growth and European expansion.”
“The amazing response from bonify’s users over the past year proves there is a huge opportunity to positively influence consumer financial behavior in Europe,” says Nick Shalek, Ribbit Capital’s partner. “bonify’s focus on transparency, data and data protection means they are uniquely placed to be the leading platform in this area.”