Credit scoring startup bonify grabs €5.5m

Berlin-based credit scoring startup bonify has picked up €5.5m in a Series A round led by London-based Mosaic Ventures and Silicon Valley firm Ribbit Capital.

London firms Index Ventures and DN Capital and German investor HW Capital also participated alongside fintech entrepreneurs.

Bonify’s platform is designed to allow users to read credit reports, check their scores and receive tips on how to optimise their credit rating.

The company counts 100,000 users since launching in April 2016 and also offers financial management tools and personalised recommendations for loans or services.

CEO Gamal Moukabary said bonify aims to help users “always make the best possible financial decisions”.

He explained: “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.

“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.”

Bonify says it will use the capital to further develop the technology underlying its platform as well as expand its user base.

Mosaic Venture’s Simon Levene said: “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.”

The company previously raised an undisclosed round of seed funding in December 2015.

Ribbit Capital partner Nick Shalek said: “The amazing response from bonify’s users over the past year proves there is a huge opportunity to positively influence consumer financial behaviour in Europe.

“bonify’s focus on transparency, data and data protection means they are uniquely placed to be the leading platform in this area.”

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