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MADRID, 14 Jun. (EUROPA PRESS) -
Openbank has received a capital injection of 91 million euros from its parent company, Banco Santander, aimed at continuing to finance the growth of the entity and the projects it has in progress, among which its international expansion and the launch of Zinia in Europe stand out. , according to digital bank sources consulted by Europa Press.
The Official Gazette of the Mercantile Registry (Borme) published this Tuesday a capital increase of Openbank for an amount of 90,918,324 euros, which raises its subscribed and paid-up capital to 456.14 million euros.
The new contribution of funds is added to the capital increase of 170 million registered in April 2021 and the issuance of preferred shares convertible into shares (known as 'CoCos', in financial jargon) of 60 million euros carried out last month October. Both operations were fully subscribed by Santander.
According to the sources of the entity consulted, the new millionaire injection is aimed at continuing to finance the growth of the bank and the projects in progress.
The main projects that Openbank has in hand are its international expansion, with the next landing in Mexico and the United States, and the launch of the 'buy now, pay later' platform (buy now, pay later) Zinia in the countries of Europe in which Santander Consumer Finance is present.
The strategic plan that Banco Santander announced in 2019 included Openbank's entry into ten new markets in the medium term. Santander's 100% digital subsidiary is currently present in Spain, Germany, the Netherlands, Portugal and Argentina.
The internationalization plans go through starting to operate in Mexico in 2024, first in a test format 'family
As the board pointed out then, Openbank is also working on the strategic plan to make the leap to the United States soon, although the entity has not ventured to specify a date for that milestone.
Another of the projects that Openbank has underway is the launch in Europe of Zinia, the consumer financing platform that it launched last January together with Santander Consumer Finance.
Zinia allows customers to pay in interest-free installments in online and physical stores and provides them with access to offers and exclusive benefits through the mobile application when it comes to financing purchases. On their side, the associated businesses benefit from the increase in sales and the greater relationship with customers that having a 'buy now, pay later' (BNPL) model provides them.
The platform is currently operational in Germany and will arrive in Spain in the last quarter of 2022. The forecast is that it will soon also be launched in the Netherlands and in 9 other European countries where Santander Consumer Finance is present.
