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Skip to contentOrwanna exists so that a revolving card's monthly payment stops going almost entirely on interest. So that what you pay each month brings the end of the debt closer.
With a debt of €2,000 at 18% TIN and a €60 payment, half of what you pay in the first month goes on interest. Hardly anyone knows, because the statement doesn't put it that way.
The number that stays with me: Financiera El Corte Inglés advertises a fixed payment from €30 a month at 18% TIN. €30 is exactly one month's interest on €2,000. Above that balance, the payment never repays a cent.
Why round-ups: they don't ask you to change how you pay for things. Several Spanish banks already round up purchases, but they send the change to savings. Orwanna sends it to the debt and multiplies it, because on a payment close to the interest, small change alone can disappear into interest.
Who makes it
Founder. Lives in Madrid.
I've spent about ten years building banking software, four of them on PostFinance in Switzerland, and I've worked on payments for a group of Austrian banks. For about two years I led a mobile team of around 22 people. I've tried to build a company before, and it didn't work out. Orwanna is built on what I know best: how money moves between banks.