ID Finance, a leading FinTech based in Spain and Mexico, has recently concluded a significant financial milestone by securing $150m in debt financing.
This round was led by the i80 Group, marking the largest financing round in the company’s history. The fresh capital infusion is earmarked for the acceleration of their flagship financial wellness application, Plazo, underpinning the company’s strategic growth initiatives. This deal stands out as one of the largest financing rounds for a Spanish FinTech in recent times, propelling ID Finance towards achieving its ambitious growth targets.
At the core of ID Finance’s operations is its pioneering role in the FinTech industry, particularly in alternative lending. The company is renowned for offering innovative financial solutions that blend technology with financial wellness. ID Finance has made significant strides in the sector, with its operations primarily focused on the Spanish and Mexican markets.
The newly secured funds from the i80 Group will be directed towards expanding Plazo, ID Finance’s financial wellness app. This expansion includes scaling its lending capabilities and adding innovative, value-added features to its service offering.
Adding to the narrative of growth and innovation, ID Finance has shown remarkable financial resilience and expansion over the past year. The group reported a consolidated revenue of €180m, with a net income of €7.1m, indicating a 13% growth year-over-year. The Spanish division remains a pivotal profit center, further solidifying ID Finance’s leadership in the consumer lending market.
ID Finance’s co-founder, Boris Batine, highlighted the significance of this financing round, stating, “This financing is not just a testament to our past achievements but a bridge to our future aspirations. With the support of i80 Group, we are set to scale to new heights in financial innovation and inclusivity, making Plazo an indispensable tool for financial wellness across Spain and beyond. This agreement represents a turning point in our business trajectory and brings us closer to our goal of becoming the financial app of choice across Spain. Our journey has just begun, and we remain committed to enriching lives through technology-driven financial innovation.”
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