Schufa acquires Bonify

The Berlin-based fintech has been cooperating with the credit agency since the spring. Now the Wiesbaden-based company is buying the start-up.

Germany's largest credit reporting agency Schufa, based in Wiesbaden, is buying Berlin-based fintech Bonify. Both parties do not inform about the purchase price, according to media reports it is in the low to mid double-digit million range. Schufa and Forteil GmbH, as the company behind the Bonify brand is called, have already been cooperating since the spring, for example in the development of the Schufa app. The credit agency now wants to use the acquisition to improve its digital service and reach a younger target group.

Tanja Birkholz, chairwoman of Schufa, announced to Bonify customers that they will gradually gain insight into their personal Schufa data in 2023. Bonify also offers a credit check, i.e. an assessment of creditworthiness. According to its own information, one million customers use the app annually. Until now, the fintech received the data from Boniversum, a subsidiary of Schufa competitor Creditreform.

It is still unclear whether this cooperation will continue. However, Bonify will remain as an independent company. The fintech employs around 30 people and made a loss of six million euros in 2020. In the same period, the company generated €1.4 million, mainly from commissions on business referrals. More current business figures are not available.