ID Finance, a FinTech group active in Spain and Mexico, has agreed a €21m debt facility with nordIX, a German asset manager specialising in fixed income and consumer credit investments.
The facility is designed to strengthen ID Finance’s capacity to originate new consumer loans and grow its credit book in Spain, where its digital lending platform has built a base of more than 3.7 million registered users, positioning it as the country’s top alternative lender.
Funds from the deal will go directly towards writing new loans and expanding the size of ID Finance’s credit portfolio, giving it more firepower to meet ongoing demand for short-term, small-value loans delivered entirely online. The arrangement also widens the pool of institutional partners funding ID Finance’s Spanish lending business, adding another source of capital to support the company over the longer term.
Business has been strong heading into the deal: across the first half of the year, ID Finance issued more than €190m in consumer loans in Spain and brought in roughly €100m in revenue, giving the new facility a solid financial base to build on.
Founded in Barcelona in 2015, ID Finance builds digital financial products for consumers in Spain and Mexico, with a stated goal of speeding up the shift to digital consumer finance while balancing responsible lending with strong financial results and high standards of compliance and customer service.
ID Finance co-founder and CEO Boris Batine said, “This agreement marks another important step in the development of our alternative lending platform in Spain.
“By increasing our lending capacity, it will enable us to finance more originations and continue expanding the portfolio. nordIX’s support also reflects investor confidence in the platform’s operating model, its established track record in Spain and the disciplined approach to risk management that has underpinned its growth.”
nordIX AG member of the management board Claus Tumbrägel said, “I am delighted to partner with ID Finance and to contribute to its growth at an important moment for the Spanish market.
“ID Finance’s disciplined underwriting and strong compliance culture leave it well placed to adapt to regulatory change and to keep winning share as the market evolves. ID Finance is the clear market leader in digital consumer lending and the third lender we partner with in the country. Lenders like ID Finance extend faster, easier, and fairer credit to people traditional banks too often leave behind. This partnership reflects the strategy of our European Consumer Credit Fund, which backs the best non-bank lenders, those with strong digital capability and disciplined underwriting.”
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