ID Finance has secured the initial capital for its first step of its bond issuance programme, pulling in $8.5m.
The first phase of the bond issuance was listed on the Moscow Exchange and was oversubscribed. Across the entire programme, ID Finance is looking to raise $170m.
Barcelona-headquartered ID Finance is a data science, credit scoring and online lending solution, which uses its infrastructure and risk management capabilities to develop solutions for these services. The company focuses on markets, including Russia, Kazakhstan, Georgia, Spain, Poland, Brazil, Mexico and Belarus.
The company saw a 92 per cent revenue growth in the first nine months of the year, and now issues more than 60,000 loans a month, with a monthly revenue of $15m.
These bonds have a maturity period of three years and a quarterly coupon payment. The proceeds raised from the sale will go towards supporting the company’s plans for global expansion and further product development.
ID Finance CEO Boris Batine said, “Our debut bond issue marks an important stage in ID Finance’s development and is in line with our plan to further diversify our sources of funding.”
Renaissance Capital, an investment banking firm, served as the lead manager for the bond placement.
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