Barcelona-based fintech company ID Finance has raised $50 million in debt financing from several sources.
ID Finance is a balance sheet lender, which provides credit scoring and digital finance services.
It launched in Latin American last year by releasing its MoneyMan product in Brazil. With this new debt financing the company plans to boost its Latin American expansion plans. The company is already active in Spain, Poland, and Russia and said it is issuing over 50,000 loans a month and employs 380 internationally.
Emerging markets presents a massive opportunity for fintech companies, according to ID Finance CEO Boris Batine, where consumer demand for credit is not being met by traditional firms.
“These are often huge markets with highly uncompetitive financial services and limited availability of credit,” said Batine. “Thanks to the growth of the internet and mobile, we can make it much easier for people to apply for loans and by using alternative sources of data we can extend credit to a much larger portion of the population.”
He added: “We’re now enjoying strong and consistent growth thanks to a diversified loan portfolio that covers Russia, Kazakhstan, Georgia, Spain, Poland and Brazil.”