ID Finance crowdfunds £1.5m in minutes, eyes up Hispanic and Latino loan market
Spanish credit scoring fintech ID Finance hit its £1.5 million crowdfunding target within minutes of going live on Crowdcube, pushing it to aim for an even bigger target of £2 million over the next 30 days.
At the time of writing the figure stood at £1,534,290 raised, putting the fintech at a pre-money valuation of £81,037,856.
Operating in Europe and Latin America, ID Finance is also on track to double revenues to €90 million this year, serving more than three million users and boasting a growth rate of 40,000 new customers each week. It took three years for the firm’s Spanish operations became profitable.
“We’re delighted to welcome these investors on board as we continue on our mission to address the underbanked,” says ID Finance’s CEO and co-founder Boris Batine. “We have industry-leading technology, a financially prudent business model and a well established international team ready to scale in some of the most exciting markets for fintech.”
Read more: Bnext becomes first fintech in Spain to raise a $25m Series A, plans LatAm expansion
The fintech’s USP is to provide competitive financial services to the underbanked, helping them build their credit profile. No matter what their credit history, smartphone users in Spain, Brazil and Mexico can apply online for a loan through its Moneyman and Plazo brands.
By 2021, ID Finance wants to be the number one digital lending platform in Hispanic and Latino markets.
Crowdcube’s co-founder and CMO Luke Lang says the fundraising platform is “not at all surprised by the high level of investor interest”.
“ID Finance has a proven track record and operates in the dynamic Spanish and Latin American markets for fintech – a sector that is attracting huge interest with investors coming to Crowdcube,” Lang adds.
Read more: Sibos 2019: “Digital transformation will happen quicker in LatAm than Europe”