Startup Bankflip, a platform aiding financial service providers (credit, mortgages, banking, and insurance) in real-time document and data collection and processing from public authorities, has closed a €2.6 million funding round. JME led the round, with participation from Draper B1, Demium, Enzo Ventures, Notion Capital, and notable Business Angels like Iñaki Berenguer and Fernando Cabello-Astolfi. Enisa and a participatory loan from Institut Catalá de Finances complement the round.
The objective of this funding round is to strengthen the company’s position in the Spanish market, explore new adjacent verticals (tax management companies, tax advisory firms, legaltech, HR, etc.) requiring document/data capturing and processing from AEAT, Social Security, Ministry of Justice, DGT, payroll, etc., and enter new markets like Portugal in 2024.
According to CEO Álvaro Mancilla, “We are delighted with the adoption of our technology by leading digital lending companies and banks such as EVO, WiZink, UCI, and Laboral Kutxa. We couldn’t have ended a heart-pounding 2023, where we multiplied our business volume by 14. Now, with the new capital injection and the entry of strategic partners like JME or Draper B1, we approach 2024 with the goal of remaining the best, most comprehensive, modular, and robust solution in the market. We aim to position ourselves as leaders in data capturing and data processing technology in Spain and open new Southern European countries, starting with Portugal.”
“We invested in Bankflip because we believe in the potential of Alvaro, Honorio, Gabriel and team to lead a market defined by two key trends: user ownership of data and the openness of this. Bankflip, thanks to its product approach (robust API, easy to integrate, and no-code), is well positioned to be a reference in the digitalization and management of financial, labor and behavioral data. In addition, it is accompanied by relevant regulatory changes at the European level, which resemble the Open Banking but for unstructured data – which opens a very interesting window of opportunity for a new wave of startups in this market segment.” declares Iván Landabaso, Partner at JME Ventures
The investment round marks the culmination of a growth year, highlighted by the launch of new AI-based payroll and official document processing products and partnerships with banks such as EVO, WiZink, UCI, Laboral Kutxa, and digital leaders like Idealista, Younited Credit, or Rastreator.
Thanks to Bankflip, clients directly tackle customer loss in tedious information collection and processing processes (the sector’s average drop-off is 63%), achieving a success rate exceeding 90%. With over 100,000 documents collected and processing more than 200 million datapoints, Bankflip’s solutions are firmly established in the Spanish market.