The Spanish division of French insurer Axa said Jan. 14 it has acquired 23.8% of Vidanet Vida y Ahorro SL, owner of digital platform Vidahorro, to cement its position in the digital pension market in Spain.

Through Vidahorro, users create their own pension plan. Money is added to the plan at no extra cost to users when they make a purchase with one of the more than 100 businesses that have an agreement with Vidahorro.

According to Vidahorro, an average buyer can save, through online purchases or in actual physical businesses, more than €30 a month in their Axa pension plan, which also accumulates an annualized return of 5.6%.