ID Finance, a leading Spanish fintech, closes a €30 million equity round led by Kingsway Capital
Issuer: ID Finance Investments, SL / Keywords: Private Equity/Investment
22.03.2023 / 10:01 CET/CEST
The issuer is solely responsible for the content of this announcement.
the founders of ID Finance
ID Finance, a leading Spanish fintech, closes a €30 million equity round led by Kingsway Capital
The capital injection, which required the approval of the Spanish government due to the company’s strategic nature, will enable ID Finance to further develop the financial wellness app Plazo in Spain and launch it in Mexico.
22n.d of March 2023 – ID Finance has announced an investment of €30 million led by a leading UK-based asset manager, Kingsway Capital. The transaction has been officially approved by the Spanish Council of Ministers, after receiving a positive assessment from the External Investment Board, thus officially becoming the largest investment inflow into a Spanish fintech in 2023.
The transaction includes both a primary capital injection and a buyout of shares from the company’s early investors. The capital contribution is structured as a convertible loan with a maximum value of €235M.
The capital will be invested in the organic growth of the business with a focus on the rollout of Plazo, the company’s flagship financial wellness app, in both 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 am very pleased to welcome Kingsway as our strategic partner. Having a new institutional investor on board opens a new horizon for ID Finance. I believe this is the beginning of a new chapter for the company, and we are very excited about the prospects for 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 take significant market share and drive financial inclusion across Europe and Latin America.”
ID Finance has over 5 million unique registered users across Spain and Mexico and uses advanced analytics and machine learning algorithms to provide access to competitive financial services through its financial wellness app Plazo.
About ID Finance
www.idfinance.com
ID Finance is a leading financial technology company based in Spain with operations in that country and Mexico. The main offer is focused on offering banking and financial solutions for private customers. It is among the few fintech companies in Spain and Mexico that are committed to measuring and offsetting their carbon footprint. The company is consistently profitable and since its inception in 2015 has processed over 10 million credit applications. In Spain, the ID Finance alternative lending platform has recently consolidated as the market leader and continues to grow its customer base. Additionally, in 2021 ID Finance launched its financial wellness app Plazo developed with a blend of cutting-edge technology to provide debit, savings and credit solutions to help people achieve financial wellness.
For further information, please contact:
Katia Ballano Göring
PR & Comms manager ID Finance Plazo
+34 649 799 327
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