ID Finance, which is building credit scoring and risk management technology, has raised over £1.5m in its crowdfunding campaign, so far.
The FinTech platform has put a target for the crowdfund on £2m, but it is unclear whether this is a hardcap or it will continue ti raise funds beyond this figure. There are still another 30 days left on the campaign, which is being held on the Crowdcube platform.
There have been contributions around 220 individual investors at the time of writing.
ID Finance is raising the funds at a pre-money valuation of £80m – the £2m being raised worth a total of 2.41% of the company’s equity.
Currently, the lending platform is helping the underbanked consumers in Brazil, Mexico and Spain to gain access to loans. It has witnessed strong growth in the markets, having achieved three million registered members and 40,000 new users each month.
Furthermore, the company has increased its revenue from €13m in 2017 up to €47m in 2018.
ID Finance is headquartered in Barcelona and uses unconventional datasets, such as behavioural biometrics, to better help the underbanked get access to loans.
Speaking ahead of the crowdfund, ID Finance co-founder and CEO Boris Batin said, “Our upcoming equity crowdfunding round is a unique opportunity for retail investors to gain exposure to one of the world’s most exciting regions for FinTech.”
The startup’s last funding round was back in 2017 when it pulled in $8.5m in a bond issuance. The company also secured a $50m investment in that same year to support its expansion into the Latin America market.
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