Personal finance app Fintonic links up with Amazon

Thursday 15 November 2018 10:50 CET | News

Personal finance app Fintonic has announced that it will collaborate with Amazon in Spain.

Starting next week, Fintonic customers in the country will be able to finance their purchases ranging from USD 225 to USD 1,100 (EUR 200 to EUR 1,000) at a rate of 0% interest for up to four months.

While the idea is similar to point-of-sale financing, the actual logistics are a bit more complicated. Before making their Amazon purchase, users must first go to the Fintonic app, apply for the credit, and buy an Amazon gift card. The gift card can be used for multiple Amazon purchases and the balance is good for a maximum of ten years.

To apply for the credit, Fintonic users select the gift card amount and choose when they plan to pay the balance. As an underwriting method, Fintonic uses its FinScore, a score between zero and 900 that is determined by more than 160 factors about a user’s creditworthiness. Users with a score of 450 or higher are eligible for the purchase financing.

Founded in 2012, Fintonic is a consumer-focused financial management platform that aggregates all of an individual’s financial accounts to offer a single view of their overall financial health. In addition to helping its 500,000 users keep track of their finances, Fintonic also presents relevant loan and insurance offers through a free brokerage service.

Earlier this year, Fintonic teamed up with BBVA to boost its in-app lending capabilities, allowing users to borrow up to USD 39,400.

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Keywords: Fintonic, Amazon, finance, app, financial management, partnership, loans, aggregator
Countries: World

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