Spanish leading Fintech ID Finance has launched a new crowdfunding campaign on Crowdcube to offer existing shareholders and clients as well as European retail investors the opportunity to participate in the €30M equity round that was recently closed with UK asset manager Kingsway Capital.
In addition to the agreement closed with Kingsway Capital, ID Finance has also closed a $30M debt agreement with US asset manager SR Alternative Credit (an affiliate of Spouting Rock Asset Management, LLC.) to reinforce its business in Mexico. These recent transactions open a new chapter for the business and ensure sufficient resources to deliver on its ambitious strategy.
“The recent funding transactions with institutional investors Kingsway and Spouting Rock opened up new horizons for the Company. We have received significant interest from the existing investors to participate in the equity round. We are happy to offer our existing partners the opportunity to take up in the growth and development of ID Finance” – Boris Batine, co-founder of ID Finance noted.
After the success of the previous 2 crowdfunding campaigns on Crowdcube totalling nearly €8.9M equity, retail investors now get a chance to join Kingsway and participate at ID Finance’s history of growth with special focus on the roll out and expansion of its flagship financial wellness app Plazo both in Southern Europe and Latin America.
Launched in Spain in 2021 with the mission of improving people’s financial stability, Plazo offers debit, saving and credit solutions to meet people’s daily financial needs. Since its inception, Plazo has onboarded ca. 130,000 active customers that benefit from a whole range of financial wellness functionalities and the number keeps growing on a monthly basis.
ID Finance aims at consolidating Plazo as the go-to financial wellness app in Spain and further scale it globally. Plazo beta version was recently launched in Mexico, where ID Finance has a significant market share as alternative online lender.
In 2022, ID Finance recorded a revenue of €170M and a profit of €6.3M, reflecting its resilience to a challenging environment. Its deep understanding of customer behaviour, data analytics, and expertise in credit risk management has consolidated ID Finance as one of the top alternative lending brand in Spain and Mexico.
It has now over 5 million users worldwide. With Plazo, ID Finance has the potential to serve a broader number of customers globally and become the go-to financial wellness app in Spain and other relevant markets in Europe and Latin America.