ID Finance Spain reports €59M in revenue for H1 2023

ID Finance Spain S.A.U. released its audited financial results for the first half of 2023.

The company has provided the following operational and financial information:

ID Finance Spain reported “a net income of €4.4M, following an 8% increase in its net portfolio, which hit a new record of €51M.” During the first half of the year, the company has reportedly “originated €121M in consumer loans, processing more than 70 000 applications per month.”

In addition, ID Finance Spain says it “held a strong equity position of 25.8%, representing a 2.1 percentage point improvement from the previous year.” The ID Finance Spain Eurobond keeps complying with its covenants “with significant headroom: equity/asset ratio (over 26% vs. 15% required level) and interest coverage (over 3x vs. 1.5x required level).”

Boris Batine, co-founder of ID Finance, said: “Despite the economic challenges presented by the global landscape, ID Finance has maintained a strong performance in the first half of 2023. Our results are driven by our relentless focus on customer service, technological innovation, and operational efficiency. We will continue to harness these strengths to ensure we deliver excellent results and maximize shareholder value.”

As noted in the update, ID Finance is “a data science, credit scoring, and digital finance company that is pioneering Fintech innovation in emerging markets with a range of convenient, competitive, and transparent loan products available over the internet.”

The company uses machine learning and advanced data science techniques “to improve access to competitive financial services.” Headquartered in Barcelona, ID Finance operates “under the MoneyMan and Plazo brands in Spain and Mexico.”

The company’s founders previously “worked in banking, including Deutsche Bank and Royal Bank of Scotland. ID Finance is trusted by both private and institutional investors around the world.”

As covered earlier this year, ID Finance announced a €30M investment “led by a leading UK-based asset manager, Kingsway Capital.”

The transaction “has been officially endorsed by the Spanish Council of Ministers, after obtaining a favorable review from the External Investment Board, thus officially becoming the biggest investment inflow into a Spanish fintech in 2023.”

The transaction “includes both a primary capital infusion and a buyout of shares from the company’s early investors.” The capital injection is “structured as a convertible loan with a maximum valuation of €235M.”

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