UK-based credit scoring and risk decisioning platform DirectID has secured a €9 million investment from Ikea venture arm Ingka Investments.
DirectID uses open banking data and predictive models to track credit risks in real-time, providing insights into affordability, income verification, and financial distress.
The firm says the new capital will be utilised to expand its credit risk offering into new markets and accelerate the development of models for each stage of the credit life cycle, from originations through portfolio management to collections.
The investment is the latest in a series of financial services-related funding rounds by Ingka Investments, which has stakes in climate data platform Doconomy, BNPL outfit Jifiti and Ikano Bank, among others.
Peter van der Poel, managing director of Ingka Investments, says: "We are pleased to have made this investment in DirectID and are confident of their continued growth in the open banking market. They have developed an innovative solution with the potential to complement and disrupt the traditional credit and risk market and help drive financial inclusion for more people. Open Banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future."