MADRID, June 6 (Reuters) - Spain’s telecom firm Telefonica on Tuesday launched Movistar Money, a consumer loans service available in its Spanish home market, in a move into online financial services aimed at diversifying its sources of revenue.
The loans, ranging from 600 euros to 3,000 euros ($675-3,375), will be pre-approved and distributed online without the need to provide any documentation. The money will be made available within 48 hours, the company said.
The service will be initially directed at customers whose phones have already been financed through Telefonica’s consumer finance unit but the group plans to open it up to more of its around 40 million Spanish customers in the future.
Telefonica Consumer Finance is co-owned by Spanish lender Caixabank, one of Telefonica’s main shareholders.
It is not the first time telecom firms have offered banking services in Spain as French competitor Orange is already providing secure mobile payment services to its local clients and now wants to move into the insurance business. ($1 = 0.8890 euros) (Reporting by Andres Gonzalez; Editing by Julien Toyer, Greg Mahlich)