bonify changes personal finance in Europe by offering a free credit-score-check, PFM-Tool and individualized products.

Credit scoring plays a vital role for many transactions in day-to-day life - be it credit and banking products, insurances, utility and telecommunications contracts or even eCommerce. The personal credit score impacts if a contract is established and also the conditions of the contract. Though, little knowledge exists on the consumer side in continental Europe. In Germany more than 95% of consumers don’t know their score and its importance. Additionally, the topic is considered as intransparent. bonify wants to change this: with bonify users can currently get their credit score for free from one of the leading credit bureaus; users can check and correct their data, monitor score changes and receive tips on how to improve their score. Additionally, bonify offers the possibility to manage bank accounts (“PFM”) providing an easy overview of the financial status with state of the art categorization of spending and income. Credit score combined with transactional history from bank accounts allows our customer to get a holistic view on their creditworthiness; in addition, based on this data we can show the user offers for which they have already been pre-approved. These products are pre-selected to optimize the financial position of the user, e.g., when our algorithm recognizes a consumer loan at 10% annual interest and the user at the same time qualifies for a loan at 5% we would suggest to refinance the existing loan to save. On top bonify will show levers on how to improve the holistic credit score to receive even better offers - thus enabling our users to leverage their own data.