ConnectPay has partnered with GenToo to launch compliant e-money accounts in Spain. GenToo is a neobank-style app offering digital wallets, debit cards, and budgeting tools for retail users. Through this partnership, ConnectPay provides the regulated financial infrastructure, enabling GenToo to bring modern banking services to an underserved market.
The Shift Toward Digital Banking in Spain
Digital finance in Spain is growing rapidly. Currently, 70% of the population uses digital banking tools, and forecasts suggest this could reach 85% by 2027. Despite this high adoption rate, many users still face barriers to finding financial products that fit their needs.
Research indicates that hundreds of thousands of people in Spain lack access to local banking services in their municipalities. This creates a clear demand for accessible digital alternatives that offer better spending visibility and flexible short-term liquidity.
Modern Financial Tools for Everyday Users
GenToo’s mobile application is designed to help users manage their money, track expenses, and make informed financial decisions. Built on ConnectPay’s secure infrastructure for e-money issuance and payments, the GenToo app provides a single, unified experience.
Through a fully digital onboarding process, GenToo users in Spain can access:
- Built-in budget setting, expense categorization, and subscription management.
- Virtual VISA debit cards (with physical cards coming soon) and planned integrations for Apple Pay and Google Pay.
- Send and receive money using SEPA Instant payments.
- Eligible premium users can access cash advances of up to €500 every 30 days through a subscription model.
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Spain is a leading market for instant payments, with SEPA Instant accounting for 54% of all transfers in 2023. However, financial inclusion requires more than just fast transaction speeds – it requires usable, customer-centric tools.
While GenToo delivers an intuitive interface, ConnectPay provides the regulatory and technical foundation that makes it possible.
“This partnership reflects what embedded finance should enable: faster routes to market for customer-first financial products – especially for segments that have historically been underserved by traditional banking,” said Marius Galdikas, founder & CEO at ConnectPay.
Tushar Bagmane, Co-Founder and CEO of GenToo, noted the importance of the launch: “GenToo is bringing a new neobank-style app into Spain’s market to help customers with their financial needs. We have an exciting roadmap ahead of us, and we are looking forward to the journey.”
Together, GenToo and ConnectPay are closing the gap in financial access, bringing clear, controlled, and convenient digital money capabilities directly to users in Spain.
Learn more about ConnectPay’s embedded finance solution here.
