Bonify raised a new funding round led by Santander InnoVentures, with participation from existing investors Mosaic Ventures, Ribbit Capital, and DN Capital.

Bonify, a Berlin, Germany-based provider of free, easy-to-read credit reports, announced that it raised a new funding round.

The money was provided by investors led by Santander InnoVentures, with participation from existing investors Mosaic Ventures, Ribbit Capital, and DN Capital.

Proceeds will be used to enhance its technology, with plans to upgrade the analytics engine that powers its service, enabling it firm to further optimise its personalised recommendations, and to expand across Europe.

Bonify, founded in 2015 and led by Gamal Moukabary, evaluates consumers real-time creditworthiness, enabling them to improve their financial wellbeing through tailored financial and non-financial recommendations. The app delivers recommendations for how consumers can save money, for instance by switching to a different loan or energy provider. Bonify is also able to predict six to eight weeks in advance when its users might go into their overdraft, and provide personalised suggestions for how to avoid this.

Bonify’s user base has increased threefold since its €5.5 million Series A investment round at the start of last year, and it has provided over 600,000 credit reports.