The announcement represents a key milestone for the business as it continues its rapid expansion across Latin America. It currently operates in Mexico and Brazil.

ID Finance’s LatAm operations is currently experiencing the strongest revenue growth. With a population of 127 million people, 61 per cent of which is blacklisted from the traditional banking system, Mexico represents one of the largest opportunities for fintech in LatAm. Indeed Finnovista, a fintech startup accelerator, has predicted that fintechs could take up to 30 per cent of the Mexican banking market over the next decade.

“The growth of our Mexican operations is a significant milestone for ID Finance and an important step towards becoming the number one alternative lender in LatAm. We are also working with the Mexican Fintech Association to create a more inclusive financial system as well as to support the development of a sustainable and flourishing fintech ecosystem,” comments Alexander Dunaev, co-founder and COO at ID Finance.

Earlier this year Mexico enacted a fintech law, the first of its kind in LatAm, seeking to promote financial stability and prevent money laundering while also introducing a regulatory sandbox under which fintechs can operate. An increase in investment from foreign and local investors is expected as a result.

Together with a panel of key fintech players in Mexico, ID Finance is helping the Mexican Fintech Association establish a best practice framework to guide the sector forward.

ID Finance uses both traditional and alternative sources of data to improve access to financial services. Founded in 2012 and now headquartered in Barcelona, ID Finance has over 650 staff spread across its seven operations across the CIS region, Europe and LatAm and its R&D centre located in Belarus’ Hi-Tech Park. It recently reported reported 97% revenue growth and revenues of $90.1 million for the first half of 2018.