ID Finance has secured a €12 million financing deal with a listed European bank* to fund the company’s thriving consumer lending business in Spain, which stands as its primary profit driver. This strategic agreement represents the first of its kind between ID Finance and a listed banking institution, underscoring the Fintech’s business credibility and sound financial health.
This financing agreement will allow ID Finance to expand its credit portfolio in the Spanish market, where it already has over 2 million unique registered users, thus further strengthening its position as the top alternative lending brand in Spain.
Solid Financial Performance
The agreement comes on the heels of ID Finance remarkable financial performance. The Group reported a revenue of €132 million for the first nine months of the year, following a record high in credit originations totalling €282 million. The Spanish consumer lending segment has been pivotal to the Group’s success, contributing a net profit of €7.3 million in the first nine months of 2023 alone. Notably, credit issuance in Spain accounted for a substantial €191 million.
Boris Batin, co-founder of ID Finance, stressed: “This is our first financing agreement with a renowned banking institution, which is not just a testament to ID Finance robust financial standing but also a beacon of trust and confidence in our business model. As ID Finance continues to navigate the dynamic fintech landscape, this partnership is poised to unlock a new path for growth and innovation, further cementing our position as a market leader.”
(* The bank’s identity has not been disclosed for confidentiality reasons.)
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