Consumer finance accumulates an increase of 67% between 2014 and 2019 in Spain, tripling the European average. Flexibility and immediacy when offering access to loans to customers is key for Spanish companies. Nemuru’s multi-application SaaS platform digitizes operational processes and increases approval rates for its customers. Its credit risk measurement algorithm reduces fraud and the risk of non-payment, adjusting financing to the customer’s profile. The Spanish startup closed in September a €2.6 million round led by InnoCells, the innovation hub and corporate venturing vehicle of Banco Sabadell, and Bankia Fintech Venture, with the participation of Antai Venture Builder, Encomenda and Lánzame.
The Spanish population is the European population that most resorts to financing when it comes to accessing products and services. In fact, and although in recent months there have been fluctuations due to the economic uncertainty caused by the COVID-19 crisis, according to data from the European Systemic Risk Board (ESRB) consumer financing accumulates an increase of 67% between 2014 and 2019 in Spain, thus tripling the European average, which stands at around 22%. Flexibility when it comes to offering financed payment and access to loans to customers is key for large companies, and a challenge for SMEs, as it directly influences business generation, something paramount these days.
In this context, Nemuru, a technology platform that connects banks, companies and consumers to manage 100% online and omnichannel loans, diversifies its business and expands its operations to the education, automotive, health and sports sectors. Thanks to its intelligent system for generating immediate loans, it allows companies to close more budgets and higher average amounts. The Fintech also achieves another milestone, becoming the only one that allows customers of small and medium-sized companies to access up to €30,000 to be repaid in up to 60 installments, from 5.95% TIN and for all sales channels: face-to-face, telephone and online.
Through a risk analysis of each client, Nemuru’s SaaS technology platform generates the best loan for the client, at a competitive price, with its partner banks. This can be done in 3 minutes and without the customer having to transfer documents or show their personal data, which in turn frees companies from administration, invoicing or payment claims.
“We believe that these sectors in which we are starting to operate are going to benefit greatly in this time of need,” says Pere Monras, CEO of Nemuru. “Currently, many companies still do not have enough reach to offer installment payment services, nor the capacity for technological implementation. Our system provides them with a 30% increase in sales, by being able to use financing”.
The Fintech, which last September obtained a second round of financing of 2.6 million euros, offers banks and financial institutions added value as a new sales channel. In addition, it is oriented towards risk control, through the development of machine learning algorithms and a go to market model that reduces the possibilities of fraud.
Nemuru credit risk measurement algorithm analyzes more than 1,000 data points
To avoid the possibility of non-payment or fraud, Nemuru has a unique credit risk measurement process based on an algorithm that analyzes more than 1,000 data points, as opposed to the usual models, which only analyze about 15 variables. This allows collecting more in-depth information to optimize risk classification in a more realistic and optimal way, which results in the generation of a more complete credit profile of the client for a better sanctioning of operations.
“The current economic uncertainty has affected the situation of the end consumer, companies and banks. Our main objective is to solve the frictions in the financial world and revolutionize the consumption of services and/or products of greater amount with a differential customer experience through an omnichannel, agile and flexible platform,” explains Pere Monràs, CEO of Nemuru.
Nemuru accumulates a capital of 4.35 million euros and has the confidence of more than 600 companies
The company co-founded by Pere Monràs, Enric Gilabert and Natalia Piccinin, and born from the hand of Antai Venture Builder, has closed last September a second round of 2.6 million euros co-led by InnoCells, the innovation hub and corporate venturing vehicle of Banco Sabadell, and Bankia Fintech Venture, and in which also participated other investors such as Antai Venture Builder, Encomenda and Lánzame, among others. This is in addition to the €1 million obtained in 2019 in the seed category with the support of Family Offices and Business Angels and the entry of Lanzame and Encomenda VC and its initial capital of 750,000.
Born in January 2019, Nemuru has gained the trust of 600 companies, having presence in most of the online platforms and marketplaces of the reform and education sector in Spain.