Barcelona-based startup Pagantis, which offers financing for e-commerce customers, has raised €65 million Series B in one of the biggest fintech rounds in Spain to date. The investment came from Prime Ventures, SPF Investment Management, and Rinkelberg Capital Group, and will be used to expand the startup’s e-commerce consumer credit service in Italy, France and Portugal.
“We have developed a leading business in Spain, where we were pioneers in online consumer credit, and after the strong demand from our international merchants and partners, we are now expanding the range of services to other European countries,” said Rolf Cederström, CEO and founder of Pagantis.
The Pagantis e-commerce platform, recognised in the Spanish market as Paga + Tarde, allows consumers to pay for goods and services in monthly installments through a fully automated process, and provides e-commerce sites with a simple integration process to offer consumer credit along with their purchases.
Pagantis offers omnichannel financing with instant online approval, carried out in real time through an innovative scoring algorithm. This algorithm analyses the risk of fraud and credit, relying on big data and machine learning techniques, with the aim of ensuring the highest possible acceptance by always controlling the risk of delinquency of each financing.
Pagantis has recently received regulatory approval to operate in Italy, and has opened a branch in Milan. To further its international expansion, the company is expanding its team, which currently consists of more than 100 professionals.