The Barcelona startup ID Finance has raised 30 million euros in an investment round led by the British fund manager Kingsway Capital. The transaction has received the green light from the Council of Ministers, after obtaining a favorable report from the Board of Foreign Investments.
According to a statement, the transaction consists of a capital injection as well as the acquisition of a number of shares from ID Finance's initial investors. The capital contributed by the investor has been structured in the form of a convertible loan, starting from a maximum valuation of 235 million euros.
The capital will be invested in the growth of the company, with a special focus on the development of Plazo, its financial well-being application. The company uses advanced analytics and machine learning algorithms to provide access to financial services. It also offers retail banking solutions and issues debit cards.
The firm, born in Barcelona in 2012, is still run by its co-founders, the entrepreneurs Boris Batine and Alexander Dunaev. According to a statement, the company billed 170 million euros in 2022, 20% more than in the previous year. The largest part, 119 million euros, came from the Spanish market and the rest from the Mexican market. Adding the activity of the two countries, the company has 5 million users.
