Coinscrap Finance SL

Coinscrap Finance SL is a Spanish financial-technology company founded in 2016 and headquartered in Pontevedra, Spain. It builds a business-to-business (B2B) platform that turns raw banking transaction data into structured, categorized and enriched financial insights. Its customers are primarily retail banks, insurance companies, FinTechs and InsurTechs that want to understand the financial situation of their end users and offer them more relevant products and digital experiences. The company's core technology is an AI-powered categorization and enrichment engine marketed under the COCO brand. According to the company, the engine cleans up transactions and sorts them into categories with an accuracy above 96%, and it can be integrated through a single connection so that a financial institution can deploy multiple solutions. Around this engine Coinscrap Finance has built modules such as COCO {Categorization}, COCO {Enrichment} and COCO {CO2}, the last of which enriches financial data with sustainability metrics so that banks can estimate the carbon footprint of their customers' transactions and build ESG-oriented products. Coinscrap Finance positions itself as a "Financial Health AI Platform" that uses transactional data and behavioural economics. Its value proposition is a win-win: banks and insurers gain a better understanding of their customers and can sell the products that best fit them, while retail customers receive insights on financial planning, data categorization and even their carbon footprint. The company has worked with well-known Spanish financial institutions. It collaborated with Banco Santander on a solution to help users improve their financial health, with Unicaja on an automated savings product, with Ibercaja on the Pensumo retirement-savings app, with EVO Banco on the Hucha savings product, and with Caser on the Cling_Cling mobile app for automatic saving and investing. Coinscrap Finance was founded in 2016 and opened its first office in Ourense. It launched its own consumer app in 2017 and signed an agreement with Caser to sell their products, then opened an office in Pontevedra. In 2018 it launched its first B2B product, EVO Banco micro-savings, and shifted its focus to B2B customers. It consolidated its position in 2019 with an agreement with Banco Santander and won several awards. In 2020 it began internationalizing, developing a financial planner for Mapfre in Mexico, and raised a 450K financing round. In 2021 it closed a third financing round of 2.2M. The company remains privately held and active.

Coinscrap Finance was founded in 2016 and set up its first office in Ourense, Spain. The company describes itself as working since then to become a "Financial Health AI Platform" based on transactional data and behavioural economics, helping banks and insurers understand their clients' financial situation and sell the products that best fit them. In 2017 the company launched the Coinscrap App to the market and signed an agreement with Caser to sell their products. It also opened a new office in Pontevedra and grew to nine employees, referred to internally as "coinscrapers". In 2018 Coinscrap Finance launched its first B2B product, EVO Banco micro-savings. Following its success, the company decided to keep focusing on B2B customers, including retail banks, insurance companies and FinTechs. 2019 was a year of consolidation. The company reached an agreement with Banco Santander to create a solution to help users improve their financial health. It also won several awards that year: the Paraugas Award for Evo Banco's Hucha Inteligente, the Most Innovative Startup Award for Referente, the Top 20 Startup in Europe Award for Startup Lighthouse, and the Best Digital FinTech & InsurTech Product award for Product Hackers. In 2020 Coinscrap Finance began to internationalize, developing a financial planner for Mapfre in Mexico. It also raised a 450K financing round that allowed it to further consolidate the team. It added more awards: Best financial management platform for Faster Community and the Titan of Finance Award with Caser. In 2021 the company reported solid growth. In the summer of 2021 it closed its third round of financing for 2.2M, in which it once again had the support of its investors and incorporated new partners. The company continued to develop its COCO product family, including categorization, enrichment and CO2 modules, and to work with financial institutions such as Banco Santander, Unicaja, Ibercaja, EVO Banco and Caser. It remains a privately held company headquartered in Pontevedra, Spain.

• 2021

  Closes third financing round of 2.2M in summer 2021.

• 2020

  Internationalization begins with a financial planner for Mapfre in Mexico; raises a 450K financing round.

• 2019

  Agreement with Banco Santander to create a financial-health solution; wins several awards including Paraugas Award and Top 20 Startup in Europe.

• 2018

  First B2B product launched: EVO Banco micro-savings; focus shifts to B2B customers.

• 2017

  Coinscrap App is launched; agreement signed with Caser; new office opened in Pontevedra; team grows to nine.

• 2016

  Coinscrap Finance is founded and opens its first office in Ourense, Spain.

Financial Health AI Platform using transactional data and behavioural economics to help banks and insurers understand customers and offer better-fitting products.

• COCO {Categorization}

  Turns raw information into clear financial transactions with an accuracy above 96%, cleaning up transactions and sorting them into categories.

• COCO {Enrichment}

  Enriches banking transactional data to improve user experience and better understand customer spending habits.

• COCO {CO2}

  Enriches financial data with sustainability metrics, enabling banks to identify the environmental impact of customer transactions and offer green products.

• Smart Assistant

  Helps external and internal customers understand transactions and find what they are looking for instantly.

1. 1Coinscrap Finance - Harness the Power of Transaction Datacoinscrapfinance.com
2. 2About us - Coinscrap Financecoinscrapfinance.com
3. 3Open banking: What it is and how can improve your bank?coinscrapfinance.com
4. 4COCO {Co2} - Coinscrap Financecoinscrapfinance.com
5. 5Coinscrap Finance SL (Spain) - Wikidatawikidata.org