Fintonic raised a €19 million funding round led by ING Ventures

Fintonic, a Madrid, Spain-based company operating a business based on a personal finance app, announced the completion of a new round of investment of €19 million ($21M).

The financing round was led by ING Ventures and included 10 other shareholders, such as PSN Group.

ING increased its stake in Fintonic from 15 to 22% and the deal sets the valuation of the company at €160 million.

Fintonic, founded in 2012 and led by co-CEOs Lupina Iturriaga and Sergio Chalbaud, developed a mobile financial management platform designed to make personal finances available to all the public.

The company's platform is verified and validated by experts in digital security and privacy and offers advanced access point for its users to enter all of their accounts as well as financial information to guide them through the analysis of millions of financial data points with relevant financial products, enabling users to anonymously and securely make financial and banking transactions with the application.

Fintonic has about 700,000 active users and has been downloaded more 2.8 million times.  In addition to Spain, Fintonic also has a presence in Chile and Mexico.

The company raised prior to this round about $30M from Ideon Financial Solutions, Inception Capital, Onza Capital, Atresmedia, ING Ventures and PSN.