Fintech enjoys strong demand as investors eye disruption of Latam market.
ID Finance, a Barcelona based fintech company operating in Europe and Latin America, has raised over €1.8m crowdfunding target within minutes of its campaign going live on Crowdcube amid strong demand from investors and secured €2m within a week to the moment. The data science, credit scoring and digital finance company has a crowdfunding target of €2.3m and is inviting interested parties to invest at crowdcube.com/idfinance
ID Finance’s proprietary risk management system uses machine learning and advanced data science techniques to provide competitive financial services to the underbanked and help customers build their credit profile. Anyone with a smartphone can apply online for a loan via its Moneyman and Plazo brands, regardless of their credit history. The process is fast, transparent and hassle-free.
The company has a well established global team and over 3 million users, with over 40,000 new users joining each week. It is on track to double revenues this year to €90m – up from €13m in 2017 – and is targeting €267m+ of revenue by 2021, with the goal of becoming the number one digital lending platform in the markets of operations.
ID Finance is looking to raise €2.3m on crowdfunding platform Crowdcube at a pre-money valuation of €90m. Within a few minutes of the campaign going live it had raised €1.8m from around 150 investors.
“We’re delighted to welcome these investors on board as we continue on our mission to address the underbanked,” comments Boris Batin, CEO and co-founder at ID Finance. “We have industry-leading technology, a financially prudent business model and a well established international team ready to scale in some of the most exciting markets for fintech.”
ID Finance operates a financially prudent business model. Its operations in Spain are profitable after three years and it is aiming for break-even in the short term. The company was recently selected by Euronext, owner of the Paris Stock Exchange, for its IPO program. The TechShare program is designed for technology companies and helps to prepare them for potential entry into the stock exchange.
Luke Lang, co-founder and CMO, Crowdcube said: “We’re not at all surprised by the high level of investor interest. ID Finance has a proven track record and operates in the dynamic Spanish and Latin American markets for fintech – a sector that is attracting huge interest with investors coming to Crowdcube.”