Banco BNI Europa has reached profitability during the first half of 2017.
The Portuguese challenger bank saw its total revenue grow 146.2% reaching €6.6m with net profit reaching €2.7m.
The bank recently celebrated its third anniversary and is known for its customer-centric digital platform.
Some 18 months ago, BNI Europa changed its strategy and focused on innovative products.
Part of this saw the bank decide to create several partnerships with fintech firms to accelerate its growth and product offering.
“It has been a great achievement by the team to be able to reach profitability in such a short period of time,” said Pedro Pinto Coelho, executive chairman of BNI Europa.
BNI Europa recently launched its ‘cereja’, the reverse mortgage product for the senior consumer segment, and the digital consumer credit platform ‘puzzle’, which is focused on self-employed workers.
The bank’s partnership with 12 European fintech firms has allowed it to provide funding and credit across several countries.
These products include consumer loans, SME medium-term lending, SME revolving credit, invoice discounting and bridge lending.
In June, BNI Europa announced plans to invest €10m through Portuguese peer-to-peer lender Raize.
“BNI Europa is living proof that banks are better off opening their platform and embracing innovation rather than trying to build everything from within,” added Pedro.
The bank said it would continue to focus on innovation and fintech partnerships and plans to launch four new products before the end of the year in the consumer credit and SME credit space.
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