Fintonic Users Can Now Finance Purchases on Amazon

Madrid-based Fintonic is now allowing users of its financial app to finance their purchases on Amazon.es. “It is the first collaboration of this nature between Amazon.es and a European company and allows users of the application to postpone the payment of amounts between 200 and 1,000 euros at 0% APR.” The interest-free financing of purchases of Amazon.es Gift Certificates, in a period of up to four months.

Fintonic, established in 2012, has since raised €26.2m in funding for its consumer banking platform that provides its users with insurance and investment products, and targeted loans. It currently serves 500k users.

The request and management of the financing is handled through the Fintonic app – once users finish the set-up process they can accesses an Amazon Gift Voucher that can be used to make one or several purchases on Amazon.es until the balance is exhausted and with a validity period of ten years.

Last, to obtain financing, Fintonic analyzes its FinScore index (the first free credit score in Spain), which determines the credit profile of each user assigning a score between 0 and 900 points. This index is calculated from the analysis of more than 160 variables that assess the financial history of each case. All users who reach a FinScore of 450 points or higher will be able to obtain financing.

Bottom Line: connecting users with more than 40 insurers through a leading insurance broker in the Spanish market.