Spanish fintech ID Finance has announced it has secured an investment of €30 million allowing it to to focus on the Spanish and Mexican roll out of financial wellness app Plazo - with co-founder Boris Batine in the role of Plazo's CEO.
The investment was led by led by UK asset manager, Kingsway Capital - the deal includes both a primary capital infusion and a buyout of shares from the company’s early investors. The capital injection is structured as a convertible loan with a maximum valuation of €235 million.
“We are excited to partner with ID Finance and support their mission to provide access to financial services to underserved consumers in Developed and Emerging Markets. ID Finance has a proven track record of using technology and data analytics to create innovative financial products, and we believe they are well-positioned to capture significant market share and drive financial inclusion across Europe and Latin America," says Tamir Saeed, Managing Partner at Kingsway Capital.
ID Finance uses advanced analytics and machine learning algorithms to provide access to competitive financial services via its financial wellness app Plazo.
“I’m very happy to welcome Kingsway, as our strategic partner. Having a new institutional investor on board opens a new horizon to ID Finance. I believe this is the beginning of a new chapter for the company, and we are very excited about the prospects of the Group," says Boris Batine, co-founder of ID Finance.
Yahoo Finance reported that ID Finance was one of fastest growing Spanish fintechs, closing 2022 with a record revenue of €170 million, showing a 20% annual growth, while net profit grew 17% up to €7.4 million.
ID Finance says it has 5 million registered users across Spain and Mexico.