Unnax now has its own Spanish IBAN and launches new financial services consolidating its position in Europe

February 22, 2024

  • In addition to offering its own payment accounts with a Spanish IBAN, the company has also launched new solutions such as direct debits for B2B transactions and an automated account ownership validation service.
  • With these developments, the Barcelona-based fintech consolidates its role as a strategic partner in Europe in its commitment to transforming traditional banking through its integrated finance platform and API technology.

Barcelona, February 19, 2024 – Unnax, the embedded finance fintech based in Barcelona, consolidates its position as a key strategic partner in the embedded finance ecosystem in Europe with the expansion of its services. The technology company starts the year with the launch of its own payment accounts with a Spanish IBAN and plans to have a French IBAN before the summer.

The Electronic Money Institution (EMI) supervised by the Bank of Spain has also launched a new direct debit management solution for European coverage that eliminates the risk of chargebacks in business transactions. With this new solution, Unnax positions itself as the Spanish provider with the broadest range of payment solutions with European coverage.

Finally, starting this month, Unnax will introduce an automated account ownership verification service, a solution that allows validating the ownership of bank accounts for users, whether individuals or companies, helping to prevent fraud and manual errors in transactions.

Consolidating Its Position in the European Market

These developments represent a significant advancement in Unnax’s digital financial services offering. The company provides non-financial businesses with technological solutions to digitize and automate their financial operations, as well as the necessary banking infrastructure to embed financial services (bank accounts, payment gateways, user validation solutions, etc.) in their product offerings without needing to obtain a banking license, or even to create their own neobank.

Additionally, with the inclusion by the Ministry of Finance of payment institutions and electronic money institutions as collaborators in revenue collection, Unnax further expands its service portfolio by offering solutions that facilitate tax compliance and tax payment management for its clients, thereby strengthening its position as a comprehensive provider of digital financial solutions.

“This launch emphasizes Unnax’s commitment to innovation and our ability to respond to the growing needs of the financial market. Since our inception, the goal has been to provide disruptive financial solutions to help digitize the sector. Now we want to revolutionize traditional banking through our embedded finance platform and our API technology, tools that enable the integration of financial services into the existing systems of non-financial businesses,” explains Julián Díaz-Santos, co-founder and CEO of Unnax.

Since launching its embedded finance platform in 2022, the company has increased the number of transactions by nearly 50% in a year, reaching 3.4 million in 2023, and increased transaction volume by 13.3% to exceed 1.4 billion euros.

Unnax already has a portfolio of more than 60 clients from different sectors that use its technology to offer financial services to third parties.

About Unnax

Unnax is the first Spanish embedded finance platform that allows non-financial companies to develop their own financial services with the highest regulatory guarantees. The Barcelona-based Fintech operating in Spain has an Electronic Money Institution (EMI) license and a passport to operate throughout the EU.

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