Spanish fintech Silbo Money has been granted permission by the Bank of Spain to process payments through WhatsApp. The startup, with headquarters in Seville, has initiated the launch of priority access for its first 10,000 users with the objective of testing the service during the next three months.

The firm will face tough opposition from widely used Bizum, the mobile payments solution created by the Spanish banks in 2016, which has 27 million users in the country, according to Spanish think-tank Funcas. Nonetheless, Silbo Money has some perks not present in Bizum, such as allowing for an unlimited number of payments with no price cap (Bizum allows users to send 60 payments and a maximum of 3,000 euros per month).

Moreover, the Silbo Money functionality appears as one more contact in WhatsApp, which allows interaction with it by simply adding its telephone number to the agenda and chatting as if it were one more person. Compatible with all banks, according to the company, and without transfer limits and fees, it facilitates realizing operations like sending money, splitting tickets between various people and paying them, making payments in businesses, managing common expenses or requesting reimbursements.

Payment apps are getting smarter. For instance, Venmo has allowed users since October to schedule one-time or recurring payments or requests with friends and family on Venmo. Users can use the new feature to set up one-time or recurring payments monthly, weekly, or biweekly in advance.

Silbo Money, a growing startup backed by bankers

The company, born in 2021 under the name of Pagochat and renamed as Silbo Money at the beginning of 2022, has the support and financial backing of former executives from the banking sector, like the former CEO of BBVA bank, Ángel Cano and the former CEO of Evo Banco, Enrique Tellado, together with other former executives coming from banking, in addition to Juan Pedro Moreno, former president of Accenture and current president of advertising multinational WPP in Spain.

In its initial phase, the startup raised 1.5 million euros, guaranteeing the necessary resources to launch its operations, while, facing 2025, it plans to capture between 1.5 and 2 million additional euros to reinforce the team, consolidate its presence in the Spanish market and enhance its functionalities, with a special focus on integration with businesses.

“We are pleased to announce the arrival of Silbo Money to Spain, offering users a new way of making payments that saves time and, in consequence, improves the lives of people. Our mission is to offer the convenience of realizing payments in the same channel where they interact daily,” affirms Ángel Cano, counsellor of the fintech and former executive of BBVA.

Download not required

The company explains that it is not necessary to download or install any application. In this sense, to access the service, it is necessary to register, share the requested data and make a deposit from the card or bank account. Once completed, the money will be available in the Silbo account instantly, being able to make the transactions.

Additionally, it has plans to expand all over the eurozone and integrate with other popular applications like Facebook, YouTube, and TikTok.