AXA and El Corte Inglés Assegurances acquire a stake in MyInvestor

Madrid, 27 December, 2019. MyInvestor, the premium neobank, has raised 20 million euros by featuring in one of the largest financing rounds in the Spanish fintech sector to date.

Andbank España will continue to hold around 75% of MyInvestor’s capital, while a group of investors that includes AXA España and El Corte Inglés Assegurances will control the remaining 25%.

Andbank España will contribute 10 million euros to promoting the neobank’s growth in the coming years. Meanwhile, AXA, El Corte Inglés Assegurances and a group of Spanish family offices and investors will contribute an additional 10 million euros.

The success of the transaction, which has been advised by Crea Inversión, confirms the trust qualified investors have placed in the business model of MyInvestor, a firm which, in a short space of time, has created a niche in the Spanish digital financial market.

MyInvestor already has 16,000 clients and it will end the year with a turnover of 200 million euros, an increase of more than 500% with respect to the 31 million euros with which it began the year. The neobank has more than doubled its turnover in the second half of the year (it ended June with 93 million euros) and the pace of its growth is increasing.

Carlos Aso, CEO of Andbank España, stated that “this equity round confirms the success of a business model in which cost-efficiency and a financial marketplace philosophy enable us to provide our clients with a premium service, combining the most competitive mortgages with the investment funds, pension plans and the insurance most in demand in the market”.

Aso added that “the fact that the largest insurance company in Europe, the leader of distribution in Spain and prestigious family offices have all taken a stake in its capital will help to boost the growth of the neobank MyInvestor”.