Fintech firm fonYou has raised €7m in funding from Spanish banking giant Banco Santander’s Smart Fund to further its technological development and market expansion.

fonYou’s partnership with Banco Santander seeks to support its product development programme and aim to enable the integration of digital finance across global fintech and e-commerce markets.

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The fintech seeks to offer new technological solutions to embed finance solutions such as instant payment, buy-now-pay-later and credit modalities through collaboration with mobile operators, e-commerce, and the global banking ecosystem.

fonYou plans to expand its sector focus beyond telecom and across key regions including Latin America and Europe, the Middle East and Africa.

fonYou co-founder and CEO Fernando Núñez-Mendoza said: “This milestone financing secured from Banco Santander’s Smart Fund is a clear expression of confidence in our business – recognising the very significant market opportunities presented by the high-growth digital finance sector, which our innovative, AI and ML-driven fintech solutions are uniquely placed to serve. We are in a unique position to take advantage of these opportunities with our multi-industry fintech solutions based on cloud and artificial intelligence.

“With the support of the Smart Fund, we will accelerate the expansion of our team and drive product development, as well as our international commercial strategic plan. Our first objective is to provide a new generation of users with access to the digital economy and e-commerce through open, secure financial solutions designed for mobile devices.”

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Recently, digital bank Monzo achieved a valuation of $4.5bn after a $500m funding round.