MyInvestor is part of the new generation of banks that have been born with a 100% digital vocation. Created by AndBank Spain in 2017 as an “investment product testing laboratory”, this corporate adventure has managed to find its place on the map of neobanks. At the head of this firm owned by the aforementioned Andorran group, El Corte Inglés, Axa and several ‘family offices’ is Nuria Rocamora, who took the reins in 2019. She has been in charge of piloting the expansion of this hybrid between a bank but with characteristics of a ‘start-up’ with the “ambition of creating a profitable business model but without burning money to grow.”
Last year they reaped the first benefits in their history with profits of 2.4 million, “beating” the expectations of their business plan. The tailwinds of the rise in interest rates have worked in their favor in a year in which the aggressive offers on mortgages and savings and investment products have helped them to shore up customer acquisition, which has doubled, up to the 260,000. In an interview with La Información, Rocamora assures that three quarters of these new registrations have come through ‘word of mouth’, boosting its business volume, which has surpassed the threshold of 5,000 million in this first quarter of 2024 . .
“The challenge is to be able to retain customers who have been attracted by the accounts and deposits”
The board is optimistic about the coming months, in which they plan to continue on the same path and even have an adventure that could almost double the numbers. Its forecast is to reach 8,000 million euros from the 4,300 million recorded at the end of last December. “The challenge is to be able to retain customers who have come attracted by the accounts and deposits,” he confesses. Half of those that have MyInvestor among their entities do not invest, so now the challenge, he admits, is “to transform them.”
Nuria Rocamora, executive director of MyInvestor
F. Selles
In a scenario of interest rates that are pointing downwards, its strategy will focus on expanding the catalog of services. One of the latest movements in this regard has been the launch of its first venture capital fund with Arcano, with a minimum entry fee of 10,000 euros, as well as the agreement sealed with SegoFinance to offer ‘factoring’, which consists of advancing The payment of invoices to suppliers at the expense of high profitability. On the horizon is the idea of exploring options to invest in the renewable energy sector, in addition to incorporating Bizum and immediate transfers.
Last January they announced the purchase of a majority stake in the mortgage broker Helloteca to begin marketing third-party mortgages. “It is a project that fits well with us, with which we share the philosophy of open architecture and will allow us to increase our penetration in this area,” says Rocamora. This means that MyInvestor, which will record a balance between mortgage loans and credits of 410 million, will sell through the platform both its own credits and those of other entities – as with the investment funds of JP Morgan, Vanguard or Bestinver -, a Formula that they will maintain despite the fact that in the medium term they plan to “create synergies.”
“In the future we will formalize more external contracts than our own (…), but it is something that does not worry us because the client is going to continue with us,” he specified. The acquisition was possible thanks to the financing round of 45 million closed last January and which gave entry into the capital of MyInvestor to the business holding company of the Lao family (Nortia Capital), one of the richest families in Spain and Arama Futuro, the ‘family office’ of Ángel Asín. When asked about a new operation of these characteristics, she de facto rules it out. “We are already in green numbers, so unless we grow very quickly and are forced to request more financing or CoCo issuance, we will stay that way. We are well capitalized,” clarifies Rocamora.
Currently, the neobank is preparing the development of a personalized service for groups registered in professional associations, an initiative that is part of its commitment to strengthen the ‘B2B’ segment, and which is expected to be ready at the end of this year. Without losing sight of investment, which is the root of MyInvestor, its roadmap for the following years also involves increasing its share of Lombard and secure loans. “One of our benefits is that we are totally digital and that helps us have a lighter cost structure, so we still have three or four years of potential growth left,” says Rocamora.
