Banco Santander financing agreement will support fonYou’s ambitious growth strategy and accelerate international market expansion
Barcelona, Spain, December 9th 2021—Fintech innovator fonYou today announces that it has secured €7 Million in growth funding from Banco Santander’s Smart Fund, in a financing deal that will support fonYou’s future technology development and market expansion as it rolls out its innovative fintech solutions across key regions – including Latin America and Europe, the Middle East and Africa.
The new framework finance agreement will fund fonYou’s ambitious product development programme and strategic roadmap, as it expands its sector focus beyond telecoms to integrated digital finance enablement across global fintech and ecommerce markets. fonYou’s innovation roadmap is focused on delivering new technologies to enable the deployment of embedded finance solutions – including instant payment, “Buy Now, Pay Later” and emerging credit modalities – in partnership with connected mobile operators, ecommerce, and the wider global banking ecosystem.
Harnessing its vast experience built delivering AI-driven data analytics and digital transformation solutions to power revenue growth within the telecoms sector, fonYou is ideally positioned to address the needs of multiple vertical markets that are seeking to enable frictionless, digital financial transactions in real-time at mass scale.
Fernando Núñez-Mendoza, Co-Founder and CEO of fonYou commented: “This milestone financing secured from Banco Santander’s Smart Fund is a clear expression of confidence in our business – recognising the very significant market opportunities presented by the high-growth digital finance sector, which our innovative, AI and ML-driven fintech solutions are uniquely placed to serve. We are in a unique position to take advantage of these opportunities with our multi-industry Fintech solutions based on Cloud and Artificial Intelligence. With the support of the Smart Fund, we will accelerate the expansion of our team and drive product development, as well as our international commercial strategic plan. Our first objective is to provide a new generation of users with access to the digital economy and e-commerce through open, secure financial solutions designed for mobile devices.
Banco Santander’s Smart Fund is an exclusive financing initiative that supports eligible SMEs in the development and execution of strategic growth plans for sustainable, innovative digital initiatives with strong job creation potential. With an allocation of EUR 1.12 million, the Smart Fund is supported by the INNOVFIN SME Guarantee, which is financially supported by the European Union in the context of the Horizon 2020 Financial Instruments program.