Spanish fintech ID Finance lands €30m equity funding
Spanish fintech firm ID Finance has received €30 million in equity funding from UK-based asset manager Kingsway Capital, with approval from the Spanish government.
Boris Batine and Alexander Dunaev, co-founders of ID Finance
ID Finance claims its fundraise is the biggest by a Spanish fintech in 2023.
The transaction includes primary capital infusion, as well as a buyout of shares from existing early investors. The funding has been structured as a convertible loan with a maximum value of €235 million.
Founded in 2015 with its headquarters in Barcelona and a presence in Mexico, ID Finance uses analytics and machine learning to provide retail banking and finance solutions to more than five million registered users in both countries.
It has processed more than ten million credit applications, and claims to have been profitable since its inception.
With the fresh investment, ID Finance will focus on the roll-out of its financial wellness app Plazo in Spain and Mexico. The company has also appointed its co-founder Boris Batine as CEO of Plazo to oversee the roll-out of the app.
Tamir Saeed, managing partner at Kingsway Capital, says the firm is “well-positioned to capture significant market share and drive financial inclusion across Europe and Latin America”.
