ID Finance Group has reported 61 per cent revenue growth and revenues of $141.3 million for nine months of 2018 following strong growth in Europe and Latam. The data science, credit scoring and digital finance company issued $215.7m in loans in the first nine months of the year, a 64 per cent increase on the same period last year.
Its European and LatAm operations comprising Spain, Poland, Brazil and Mexico demonstrated exceptional growth experiencing a 197 per cent revenue growth and revenues of $32.6 million for the nine months of 2018. It issued $63.8 million in loans, a 142 per cent increase on the same period last year, and has also grown its customer base to over one million registered users with 20,000 new users joining weekly. The Group has now separated its European and LatAm operations from its CIS businesses (comprising Russia, Kazakhstan and Georgia) and it is functioning as a separate entity under the ID Finance name.
“It has been a solid nine months for the Group with the new ID Finance business delivering excellent results. With the company running as a separate entity to our CIS operations we are able to dedicate greater focus to growing the business across the Americas,” comments Boris Batine, cofounder and CEO at ID Finance.
Cofounders Boris Batine and Alexander Dunaev will continue to lead the European and LatAm business, while handing over the day-to-day operational management of its CIS business. They will retain board positions for ID Finance Group and continue to supervise the CIS business.
“We are very proud of the ID Finance Group and are extremely fortunate to have a team of hugely talented and high performing individuals. A dedicated CIS team will lead the day to day operations while myself and Alexander will have oversight of the company. It is very much business as usual and we are confident both companies will continue to flourish as we execute to plan and we are on track to launch our credit card business in the Americas in 2019,” continues Mr Batine.
ID Finance Group uses both traditional and alternative sources of data to improve access to financial services. It helps customers build their credit histories over time to access more competitive products. Earlier this year, it incorporated behavioural biometrics into its AI based fraud scoring engine using type recognition to eliminate fraud, boost loan approvals and reduce the incidence of non-performing loans.