ID Finance, a leading fintech in Spain and Mexico, has closed a financing of 150 million dollars with i80 Group, this being the largest financing round in the history of the Group. The capital obtained will be used to accelerate the expansion of Plazo, ID Finance's financial well-being app and the cornerstone of its strategic vision.

This operation is among the largest financing rounds closed by a Spanish Fintech in recent years, constituting a relevant milestone that drives the company to continue achieving its ambitious growth goals.

Boris Batine, co-founder of ID Finance , said: “This financing is not only a recognition of our past achievements, but a bridge to our future aspirations. With the support of the i80 Group, we are prepared to reach new heights in financial innovation and inclusion, making Plazo an indispensable tool for financial well-being, not only in Spain but beyond its borders. This agreement represents a turning point in our business trajectory and brings us closer to our goal of becoming the country's favorite financial app. Our journey has only just begun, and we remain committed to enriching lives through technology-driven financial innovation.”

Tamir Saeed, Managing Partner of UK-based asset manager Kingsway Capital and shareholder of ID Finance, said: “We are pleased to welcome i80 Group as a partner and are convinced that with their support ID Finance will will be reinforced in its mission to improve the financial well-being of consumers in Spain and Mexico. “This funding is a crucial milestone on the path to achieving the company’s goals as it immediately offers Plazo the opportunity to scale to the next level, and we are very excited for the next chapter in the company’s journey.”

Peter Frank, CEO of i80 Group, added: “At i80 Group we are delighted to have partnered with ID Finance, the market leader in consumer fintech, to expand its customer base and product offering. The company is in a privileged position to conquer an important space in the financial services market thanks to the combination of access to capital and financial well-being tools and services.”

Strong financial results in 2023

ID Finance continues to demonstrate remarkable financial resilience and growth. The Group recorded consolidated revenues of 180 million euros, with a consolidated net profit of 7.1 million euros, which represents a year-on-year growth of 13%.

The Spanish division of ID Finance continues to be the company's main profit driver, with new loan issuance reaching €266 million, revenue of €124 million, and net profit of €12.5 million. The consumer credit business in Spain continues to consolidate the company's leadership position in the market, continually improving customer quality and generating a return on equity of 56.1%. (*)

(*Unaudited financial data, information provided by the company).

Unlocking the Potential of the Plazo Financial Wellness App

The financing of i80 provides Plazo with unprecedented opportunities to expand its credit capacity and introduce innovative functionalities that provide its users with added value while continuing to refine its offering. Proof of this is the recent strategic alliance with Meeting Pros that exemplifies Plazo's commitment to continue expanding its service offering, providing users with free access to medical, legal, and veterinary consultations through the application.

In 2023, Plazo recorded notable growth, adding more than 190,000 customers since its creation in Spain in 2021. To leverage technology to improve people's financial well-being, Plazo has consistently offered a set of robust and adaptable products designed to meet the diverse financial needs of its users.