Spanish alternative lending platform ID Finance has closed a €30M equity round led by Kingsway Capital.
The transaction 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 €235M.
Founded by ex-bankers Boris Batin and Alexander Dunaev in 2015, 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 company has processed over 10 million credit applications since inception and recently broadened its product base to incorporate personal financial management tools.
The capital will be invested into the organic growth of the business with a focus on the roll out of Plazo, the company’s recently-launched financial wellness app, both in Spain and Mexico.