ID Finance, a digital lending platform that uses smart credit scoring technology to target the underbanked in Spain and Latin America, has raised a record £4.4 million on Crowdcube.
After smashing the Spanish equity crowdfunding record, the Barcelona-based startup says it is now considering closing its round early.
Founded by ex-bankers Boris Batin and Alexander Dunaev, ID Finance uses machine learning and advanced data science techniques to provide competitive financial services to the underbanked and help customers build their credit profile.
The firm boasts more than three million users in Spain, Brazil and Mexico, with 40,000 people signing up every week, putting it on track to double revenues this year to EUR90 million.
“The response has been incredible and has exceeded all our expectations,” says Batin. “We welcome our new investors on board as we press the button on an exciting new chapter for the business.”
Fintech has proved popular in Crowdcube recently, accounting for 38% of the £39 million invested via the platform in the last quarter, with the likes of Curve and Chip pulling in big sums.