Unibo Leveraged Unnax IBAN Accounts to Achieve 15X Growth in Just One Year

May 14, 2024

Unibo is the first neobank created for commonholds, designed by and for property managers who currently manage 80% of the buildings in Spain. To help property managers overcome the challenges of traditional banking for expense and income management, Unibo offers an alternative solution with a custom and entirely digital online portal.

 

The challenge of obtaining licensing as a neobank

Unibo offers a unique solution for the Spanish property management sector, providing a convenient, more efficient way to manage all the finances within a building when compared to traditional banking channels.

With a previous relationship with Unnax already established, the challenge became how Unibo could leverage Unnax solutions to meet financial institution licensing requirements without having to personally obtain licensing themselves, a process that can take up to two years.

“The sector had been looking for a solution like Unibo for many years, seeking to create what Unibo is today. We already knew Unnax and knew that you could provide us with a solution to our challenge: a challenge that is not only technological but primarily regulatory. That is, the challenge related to obtaining a license and all the compliance required to work in a financial environment” – Pedro Garcia, CEO & Founder of Unibo

As they work with commonhold managers, Unibo saw an opportunity in the market and wanted to act as a neobank for commonholds and facilitate the financial transactions within a building. To be able to jump on this opportunity, they needed to be able to issue IBAN accounts.

To issue IBAN accounts, Unibo needed to meet regulatory requirements, which they were able to do by leveraging Unnax.

 

Unibo deepens its professional relationship with Unnax

Prior to the founding of Unibo, CEO Pedro Garcia spearheaded another startup in collaboration with Unnax to create the first financial aggregator for property managers.

The existing relationship between Garcia and Unnax made choosing Unnax for Unibo a no-brainer.

“We already knew Unnax, from its founders to a large part of the rest of the team. We already had a connection with a partner who had been providing us with a banking-related service in Spain for years. We weren’t just looking for a company or a service provider, but a partner because we wanted to build something big, something that you can’t build with someone who sees you as just a customer.” – Pedro Garcia, CEO & Founder of Unibo

 

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Through partnership with Unnax, Unibo achieved exponential growth from 2022 to 2023

To power its digital accounts, Unibo decided to focus on implementing two Unnax services — financial aggregation for aggregating client data from third-party banks and Banking-as-a-Service to obtain IBAN accounts and all the associated services.

Unnax’s IBAN accounts proved especially beneficial for streamlining onboarding and KYC tasks, as well as for managing incoming and outgoing payments via SEPA direct debits.

Additionally, Unnax solutions played a key role in helping Unibo earn customer confidence, which was particularly crucial upon their launch.

“We had to earn [customer] trust in the first few months, with the early adopters who began working with us. And being a relatively small sector where information circulates quickly, we began to see that we were a real alternative. In 2023, we experienced spectacular growth, which we are also maintaining in 2024.” — Pedro Garcia, CEO & Founder of Unibo

Today, Unibo uses Unnax IBAN accounts to enable property managers to collect fees from homeowners and pay suppliers like utility companies, insurance providers, and elevator companies. After an incredible year in 2023, Unibo achieved approximately 15X growth compared to 2022 figures.

“[Working with Unnax] is a very convenient and easy way to develop a project, in our case, around a neobank or a digital account, [by leveraging] something that is already built and regulated. All complexity is eliminated, allowing you to create a project based on the foundation of security, regulation, and technology that Unnax has already created.” – Pedro Garcia, CEO & Founder of Unibo

Interested in learning more about Unnax IBAN accounts? Get in touch with a Unnax expert today to learn how our IBAN account solution helps maximize your financial efficiency.

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