Community fintech start-up 11Onze poised to launch the next generation of banking
Barcelona will see the launch of its first-ever community financial hub on 1 October, 2021 with the unveiling of EL CANUT – the next generation asset holder for 11Onze customers.
11Onze’s launch of its universal bank account and PSD2 compliant digital wallet, El Canut, will shake up the fintech and traditional banking sector in the region which is still coming to grips with the post-Covid closure of local branches.
El Canut – a next generation online banking system in Europe – offers customers the choice to have all their banking accounts in one place – be it France, Germany, U.K or Spain. In addition, El Canut will allow customers to manage all their payments, transfers, savings and loans from one app or login – a one stop-shop bank account.
The Super APP will allow 11Onze customers to have a global overview of their financial health, position, and enable them to easily analyse their expenses and financial needs.
Commenting on the proposed launch, James Sené, chairman and CEO, said, “I would not call 11Onze a bank or a neobank. It’s more than a bank. Our objective is to offer a wallet of wallets, a bank of banks. El Canut is a one stop shop for all your bank accounts and financial services. I would call it a next generation asset holder.”
“El Canut – means a purse in Catalan. In the Middle Ages, peasants used it to carry heavy coins in it. It was in your El Canut that you held all your assets. That’s what we are offering our customers today – a place to hold all your assets and use it on the go. It’s more than a bank or a payments system. I would say it is more like Alipay on steroids, than N26.”
True to its spirit of community, 11Onze is offering El Canut first to its core members at La Plaça- the private social network where 11Onze members engage, interact and discuss money matters with the 11Onze agents.
11Onze’s Facebook-like PSN platform, a first for any fintech in Europe, offers access to 11Onze’s Learning Management System (LMS) – a veritable treasure trove of hundreds of short, targeted videos on finance, economy and well-being. It also offers an interface between customers, and between customers and 11Onze agents.