ID Finance, a prominent FinTech company, has achieved a significant milestone by securing a €12m credit line from a listed bank.
The financing agreement is set to bolster ID Finance’s consumer lending operations in Spain, where it has already established a strong presence with over two million unique registered users. This move is expected to solidify ID Finance’s standing as the top alternative lending brand in the Spanish market.
ID Finance’s journey to this point has been marked by impressive financial achievements. The company reported a revenue of €132m for the first nine months of the year, underpinned by a record high in credit originations which reached €282m. The Spanish consumer lending segment has played a crucial role in the group’s overall success, contributing €7.3m in net profit in the first nine months of 2023. Notably, credit issuance in Spain was a significant portion of this, amounting to €191m.
Reflecting on this landmark deal, ID Finance co-founder Boris Batin expressed his enthusiasm. “This is our first financing agreement with a renowned banking institution, which is not just a testament to ID Finance robust financial standing but also a beacon of trust and confidence in our business model. As ID Finance continues to navigate the dynamic fintech landscape, this partnership is poised to unlock a new path for growth and innovation, further cementing our position as a market leader.”