Da Vinci Capital has teamed former Elbrus Capital fund manager Yuri Popov and ID Finance to launch a $200m FinTech-focused debt finance fund.
The vehicle will initially target startups in Europe and the CIS focused in the consumer and SME lending sectors, especially those working in big data, AI and machine learning and other software-as-a-service segments.
Lending platform ID Finance offers data science and credit scoring to offer financial solutions. The company has 2.8 million clients and since 2012 it has issued around 720,000 loans, according to the company.
ID Finance co-founder and CEO Boris Batine said, “The vast majority of money going into fintech is chasing a small number of well-known startups.
“There are many more high quality fintech companies all over Europe, some of which are performing extremely well, that are seeking capital to scale.
“We see a huge opportunity to support these companies while providing a superior risk adjusted return to investors.â€
Da Vinci managing partner Oleg Zhelezko added, “ID Finance and Da Vinci Capital will provide a solid investment process and infrastructure for the Fund as well as access to our broad network of institutional and private investors.
“Our expertise in fintech and alternative lending at an international level will also help to reduce credit risks.â€
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