ID Finance, a leading Spanish fintech, closes a €30M equity round led by Kingsway Capital

The capital injection, which required approval by the Spanish Government due to the strategic nature of the company, will enable ID Finance to further drive the development of the financial wellness app Plazo in Spain and its launch in Mexico.

22^nd of March 2023 - ID Finance has announced a €30M investment led by a leading UK-based asset manager, Kingsway Capital. The transaction has been officially endorsed by the Spanish Council of Ministers, after obtaining a favourable review from the External Investment Board, thus officially becoming the biggest investment inflow into a Spanish fintech in 2023.

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.

The capital will be invested into the organic growth of the business with a focus on the roll out of Plazo, the company’s flagship financial wellness app, both in Spain and Mexico. Given the strategic importance of the initiative, co-founder Boris Batine will assume the role of CEO of Plazo.

Boris Batine, co-founder of ID Finance: “I’m very happy to welcome Kingsway, as our strategic partner.  Having a new institutional investor on board opens a new horizon to ID Finance. I believe this is the beginning of a new chapter for the company, and we are very excited about the prospects of the Group”. 

Tamir Saeed, Managing Partner at Kingsway Capital: “We are excited to partner with ID Finance and support their mission to provide access to financial services to underserved consumers in Developed and Emerging Markets. ID Finance has a proven track record of using technology and data analytics to create innovative financial products, and we believe they are well-positioned to capture significant market share and drive financial inclusion across Europe and Latin America".

ID Finance has over 5M unique registered users across Spain and Mexico and uses advanced analytics and machine learning algorithms to provide access to competitive financial services via its financial wellness app Plazo.

About ID Finance

www.idfinance.com  

ID Finance is a leading finance technology company based in Spain with operations in this country and Mexico. Its main offering is focused on providing retail banking and finance solutions. It is among the few financial technology firms in Spain and Mexico committed to measuring and compensating its carbon footprint. The company is consistently profitable and since its inception in 2015 it has processed over 10 million credit applications. In Spain, ID Finance alternative lending platform has recently consolidated as market leader and keeps constantly growing its customer base. In addition, in 2021 ID Finance launched its financial wellness app Plazo developed with a mix of cutting-edge technology to offer debit, saving and credit solutions to help people achieve financial wellness.

For further information, please contact:

Katia Ballano Göring

PR & Comms manager ID Finance Plazo

katia.ballano@idfinance.com

+34 649 799 327