FacePhi moves into Spanish finance with new agreement with SoYou

  • The technology developed by FacePhi will allow SoYou clients to contract products and services digitally, quickly and with complete security, simply with their face and with a photograph on their identity document. 
  • The use of this system will simplify access to loans and associated insurance policies, making the process easier and more transparent for clients.  

FacePhi continues its growth among the European financial sector, after reaching an agreement with SoYou, the Spanish company specialising in consumer loans and financing, especially in the automotive sector. The finance company will thus continue to promote the digital side of its credit services, with the aim of making them more accessible and transparent for all types of clients, while FacePhi continues to increase its projects in the financial sector.

FacePhi’s digital onboarding technology will be used for verifying the identity of SoYou clients through an optical character reading system, comparing the client’s face with the photograph on their identity document in real time. The new user will only need to capture their identity document and their face to request financing quickly, safely and from their own mobile phone or through the SoYou website.

“Companies like SoYou are spearheading the digitisation of the banking and financial sectors, where the customer experience, the simplification of procedures, protection of personal data and cybersecurity are elements of vital importance. Digital identity verification is the next step for the entire industry, both for the convenience it offers to users and for greater protection it provides against fraud. In the coming years, many banks will follow this path of digital transformation, where biometrics already plays a relevant role,” explains Jorge Sanz, CRO of FacePhi.

Since its inception in 2018, SoYou has become one of the most innovative financial companies in Spain, making use of bank account reading to validate loan applications in real time within the framework of the European Payment Services Directive (PSD2). The company, which has made simplicity in processing and digital management its main calling card, is part of the French group Crédit Agricole Consumer Finance (CACF), one of the largest corporations specialising in consumer loans in Europe.