Spanish alternative lending platform ID Finance has launched a crowdfunding campaign, offering existing shareholders and clients as well as European retail investors the opportunity to participate in its recently closed €30 million equity round.
ID Finance closed the round, led by Kingsway Capital, in March. It has also secured a $30 million debt agreement with SR Alternative Credit to reinforce its business in Mexico.
The firm has previously carried out two crowdfunding campaigns on Crowdcube, raising nearly €8.9 million.
Founded by ex-bankers Boris Batine 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 company has processed over 10 million credit applications since inception and recently broadened its product base to incorporate personal financial management tools.
The new money will be used to push the roll out of Plazo, the company’s financial wellness app, both in Spain and globally. Launched in Spain in 2021, it has already onboarded 130,000 active users.
Says Batine: "We have received significant interest from the existing investors to participate in the equity round. We are happy to offer our existing partners the opportunity to take up in the growth and development of ID Finance."