The emerging markets FinTech ID Finance raised €81m in revenues in 2019, representing a 96% growth for its business in Spain, Brazil and Mexico.
The news comes after the company smashed its £2m target in its most recent crowdfunding campaigns and raised £5m in November 2019.
The company now boasts having 3.8 million registered users, twice as many as in 2018, CrowdFund Insider reported.
It also has 480 employees across Europe and Latin America.
“In 2019, the Company showed strong growth dynamics and increased its market share thanks to an effective business model and strict execution of strategy,” said Boris Batine, co-founder and CEO at ID Finance. “We have successfully scaled the business and achieved operating profit. Despite the macroeconomic volatility, the Company plans to continue its growth, increase the quality of its credit portfolio and launch new products.”
According to the company’s forecasts, it will be double revenues to €174m.
Before its funding round in 2019, ID Finance raised $8.5m in a bond issuance in 2017. The company also secured a $50m investment in that same year to support its expansion into the Latin American market.
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