ID Finance has reported 97 per cent revenue growth and revenues of $90.1 million for the first half of 2018 following continued strong growth of its LatAm and European operations. The data science, credit scoring and digital finance company issued $141m in loans in the first six months of the year, a 78 per cent increase on the same period last year.
Founded in 2012 and now headquartered in Barcelona, ID Finance operates in seven countries across CIS region, Europe and LatAm with its R&D located in Belarus’ Hi-Tech Park. The favourable business environment in Belarus will allow ID Finance to benefit in excess of $3.5m in efficiency savings by 2020. The company has increased its headcount by 17 per cent from c. 550 to c.650 staff across its global operations and has grown its customer base by 1.2 m to almost six million registered users.
“We continue to deliver strong results and execute to plan. Our first half performance reflects the investment choices we have made allowing us to grow our LatAm operations, our product portfolio and to focus on serving our growing near prime customer base with longer term loan solutions. Our diversified business model allows us to de-risk political and economic factors while increasing revenues. We’re very happy with our revenue growth and the performance of all our geographies,” comments Boris Batine, co-founder and CEO, ID Finance.
ID Finance uses both traditional and alternative sources of data to improve access to financial services and helps customers build their credit histories over time to access more competitive financial products. In March, 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.
Across all of ID Finance’s businesses the financial impact of the biometric authentication system is an estimated $2.8m for 2018. The company is also on track to extend the technology to cover mobile keypads and touchscreen devices by 2019. The system will capture patterns such as the amount of pressure applied to the screen and how quickly fingers swipe and type.