Community fintech start-up 11Onze poised to launch the next generation of banking - EL CANUT

Community fintech start-up 11Onze poised to launch the next generation of banking - EL CANUT - offering universal banking accounts and digital debit cards

Barcelona-based community fintech 11Onze is all set to launch El Canut – the next generation asset holder for its customers in Europe on October 1st.

11Onze’s launch of 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. It will also offer a convenient way to do banking without travelling for miles and have dedicated agents on hand for support.

El Canut – a next generation online banking system - 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 Séne, Chairman 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.

11Onze has partnered with leading innovative technology companies such as the US-based Episode Six and UK-based Weavr to deliver its products. Episode Six has helped develop easy and reliable digital journeys for 11Onze customers for real-time payment and value transfer—with any network, any system, any currency, anywhere in the world. Weavr, an embedded banking provider, is helping 11Onze to integrate financial services into its products.

Speaking about the partnership, Weavr co-founder and CEO, Alex Mifsud said, “11Onze is an exciting and creative use of embedded banking within a community-focused super app.  Weavr’s mission is to deliver embedded banking with as little pain and with as much speed to market as possible, but it’s only when we encounter innovators like 11Onze that the magic can happen.  We are impressed with the focus and drive of the 11Onze team to make their vision of an online community that spans social networking, commerce and financial services, and honoured to be part of their journey.”

“We’re excited to partner with 11Onze and provide the payments technology to launch digital payments propositions with the innovative edge that will bring a truly unique banking experience to the people of Catalonia,” says John Mitchell, Founder and CEO of Episode Six. “Our mission is to provide our clients with the freedom to design and deploy winning payment products and we’re honored that 11Onze has put their faith in us.”

11Onze aims to release new features every three weeks with a promise to have a digital marketplace for its customers on its platform. In addition, members can use Peles – 11Onze’s digital currency – to trade for services.