Fintech Friday: Nemuru

Nemuru is making it easier to do business for SMEs and self-employed professionals in Spain. Their CEO and Co-founder, Pere Monràs Oliu spoke with Efma’s Boris Plantier.

What was the inspiration for Nemuru?

Based on our previous experience in the banking sector and fintech space we realized there is a full market of underserved points of sale, with no potential reach for PoS finance solutions to increase their sales. Big financial players are mainly focused on big partnerships and the car segment, while fintech is mainly positioned on the ecommerce checkout. We have focused our activity on the home renovation sector, one of the most atomized in our country, as a paradigm of offline companies selling goods and services on the high-ticket space.

We (the co-founders and me) identified self-employed professionals and SMEs as the engine of the services sector and home reformation sector. These types of businesses and people often do not have sufficient scope to offer installment payment services nor technological implementation capacity.

As a result of not having easy access to loans, people often dip into their savings. Considering the savings difficulties of the majority of society, we believe that our tool can provide a significant boost to the reforms sector, as the aging of real estate is very high in Spain and many renovations and housing improvements are needed.

Could you describe Nemuru's offer?

We launched in Spain in July 2018. Nemuru was born with the vision of empowering the point of sale, especially when selling home improvement services, so that people could pay for their services, not just goods.

Our platform connects merchants, customers and lenders and, as a credit intermediator, we enable merchants to offer simple and real-time consumer financing.

Basically, Nemuru is a point-of-sale platform (B2B2C) that is disrupting how people pay for their services and products in a simple, affordable and convenient way:

- Simple, since it is a one-click process for the merchant at point-of-sale and a less-than-3 minute onboarding process for the client

- Affordable, because merchants can offer financing at 0% APR or a risk-adjusted pricing and payment flexibility for customers

- Convenient, because our multi-lender approach and risk algorithms maximize our customers sales funnel. And of course, we improve cash flows for merchants. Once the loan is granted, merchants get paid immediately.

What's coming next for Nemuru?

From customers to public entities and leading players, we are valued by our achievements. We were recognized as one of the first two fintechs in Spain’s fast track integration program by BBVA Open Innovation, and have raised more than 2M€ since inception in July 2018.

Having gained quick traction within the national home improvement market, the goals for the coming months revolve around increasing penetration in the local market and expanding in multiple verticals. We also believe there are strong international opportunities, especially in Latam markets, where our funding partners are already operating.