The fintech Spanish Unnax, the first with a triple license regulated by the Bank of Spain, has closed a financing round of seven million euros. The new capital injection, the third it has achieved since its foundation, will allow it to consolidate its current markets and enter the Latin American market, “especially in Mexico, where the demand for technology in the financial sector presents an important opportunity for our company”, Julián Díaz-Santos, its co-founder, explains to CincoDías.
The operation, advised by 4Law, has been led by Grupo Elektra, one of the largest providers of non-bank loans in the US Athos Capital and Segtech Ventures, Prosegur’s investment vehicle, have also participated. Previous Unnax investors, such as Swanlaab Venture Factory, Bankinter and telecommunications group CSQ, continue to be linked to the project.
The fintech Since its founding in 2016, Spanish has raised just over nine million. That first year it achieved a seed round of 550,000 euros and a year later it captured another 1.5 million. Last June, Unnax became the first fintech to obtain the aforementioned triple license granted by the Bank of Spain to operate as an electronic money institution, account information service provider and payment initiation service provider.
“This positions us as the only national provider authorized to offer services of open banking and electronic money services ”, adds Díaz-Santos, who warns that this fact also forces the company to comply with security standards, reporting and stricter regulatory compliance than other open banking.
The company has a multi-product banking-as-a-service (BaaS) platform, which offers payment solutions and money movement, financial data and risk measurement tools, as well as products for the management of customer validation processes, identity verification instruments and fraud prevention, among others.
Unnax today has a staff of 53 employees and operates in four countries (Spain, Italy, France and Portugal), with recurring services and a volume of more than one million monthly transactions. The company does not offer data on their accounts, but ensures that in 2020 they doubled their turnover, despite Covid-19, and that they moved more than 1,000 million in transactions that year.
The company, which will continue with its technological developments, also plans to expand its channel agreements to launch products and solutions together with partners that help it in its global expansion process. Jordi Pérez, the other co-founder of Unnax, assures that with the new round of financing and the investors that accompany them “the speed of growth in both Europe and Latin America will be important and will allow us to position ourselves as one of the main players in the sector fintech in those markets. “