Finteca is a Barcelona-based fintech firm that offers users 100% digitalised mortgage services. All you need is a mobile device and, through the app, the user can search, compare and request a mortgage from as many banks as they wish, from the security and privacy of their mobile phone and all for free.
The purpose of this online mortgage assistant, which was created in 2017 by Tor Jensen, Silvia Escamez, Marc Torres, Carlos Blanco, is to obtain the best mortgage possible for the customer, informing, personalising, negotiating and obtaining preferential conditions free. Finteca has agreements with 14 banks, from which it collects a commission of between 0.5% and 1% of the principal of every mortgage.
To reach this point and close these agreements, the founders needed an initial investment when launching the fintech startup, of 265 thousand euros, which was mainly allocated to developing the technology, marketing and working capital. The app is in line with the banking sector’s digital multichannel strategy, complementing traditional channels like the branch network. At present, we are witnessing the disappearance of the concept of the bank branch office; the methodology whereby the customer would visit their trusted office and find out about their mortgage.
New technologies are changing this process, especially among young people and this is one of the main objectives of Finteca; to offer a flexible and friendly service. The company closed the year with sales of 350 thousand euros, with a mortgage market share of 3%, having implemented a B2B model for the short and medium term.