Spanish credit data platform scores Global Paytech VC investment

The investment into Gibobs’ credit analysis platform comes as the fintech prepares to make its services available to SMEs and expand into the European mortgage market

Rajeeb Gurung
May 24, 2022
2 minutes

Spanish consumer-focused mortgage data and analysis platform Gibobs Allbanks (Gibobs) has secured investment from venture capital firm Global Paytech Ventures.

Gibobs obtained the investment a year after its foundation, having rebranded from its previous iteration, Hipoteca Primero.

Leveraging the use of AI, Gibobs currently enables its clients to analyse their financial situation and secure loans for mortgages in Spain. It also provides the competitive evaluation of options offered by major banks and other lenders on the platform.

“The superpower here is Gibobs’ comparative analysis, their ability to help consumers evaluate multiple financial product offerings and choose what’s best for them,” said Javier Perez, founder of Global Paytech Ventures.

The platform also supports customers with a personal financial analyst who negotiates on their behalf to secure the most competitive offers for home financing products.

The investment from Global Paytech Ventures comes amid Gibobs’ ongoing plans to expand its services.

The group intends to launch a version for SMEs later this year. It also plans to expand its geographic reach into the broader European mortgage market.

“What we’re building is an ecosystem where pre- and post-mortgage, we connect you to your finances via PSD2 so you can understand your financial situation and obtain a scoring,” said founder Jorge González-Iglesias.

“We want the user to understand their complete financial situation and then be able to choose financial products in a more objective and comparative way. You’re in an ecosystem specifically built around your data and your circumstances to help you make better financial decisions today and also in the future.”

The company’s partner network includes Spanish banks including Abanca, Banco Santander, Evo, and Ibercaja, among others.

Demand grows for mortgage tech and data providers

According to a survey by Forbes insight, 78% of the respondents (comprising banking and lending executives) believed that digital processes and advanced analytical tools would lead to improved decision-making and security and better outcomes for borrowers.

The increasing demand for mortgage-related technology was highlighted by Intercontinental Exchange’s announcement of a $13.1 billion acquisition of New York-listed mortgage-lending software and data analytics firm, Black Knight.

In another development, US lender-focused mortgage tech group, FirstClose, secured a $35 million investment from growth equity firm Lateral Investment Management.t