Personal finance management app Fintonic has partnered with Amazon to fund its Spanish clients’ purchases made through the e-commerce website.
The initiative will enable the Fintonic clients to defer payments between €200 and €1,000 for up to four months.
Slated to start from the next week, the service will carry no interest.
Fintonic founder and CEO Lupina Iturriaga said: “It’s an exceptional collaboration, as it opens a new way of cooperating between the fintech sector and online distributors, settling new alternatives for users to access e-commerce in beneficial conditions.”
How to avail the interest-free purchases
All interested customers can avail the credit though the Fintonic app, which is available on iOS and Android platforms, in three minutes.
The user will be given a Gift Card for making purchases at Amazon.es. The gift card, valid for ten years, can be used for multiple purchases till the balance runs out.
Fintonic will assess the FinScore index as a reference to profile the financing.
The index utilises more than 160 variables to determine the credit profile of each user by assessing their financial history. Subsequently, it assigns a score between 0 and 900 points.
All customers with 450 or higher FinScore will be eligible for funding. However, all interested customers should sign up to a guest list before availing the service.