ID Finance crowdfunding surges past €2.3m target as investors eye Latam region
29 October 2019

Fintech sees strong interest despite limited presence in UK market.

ID Finance has surged past its €2.3m crowdfunding target on Crowdcube and is now overfunding with €2.7m raised from over 700 investors. The data science, credit scoring and digital finance company will continue to take commitments from investors at

We’ve had a very encouraging response from Crowdcube investors despite having a limited presence in the UK market and are excited to join other world-class fintechs in Crowdcube’s overfunded club,” comments Boris Batin, CEO and co-founder at ID Finance. “This is not only a tremendous vote of confidence in our business but also in the Latam fintech market.

Luke Lang, co-founder and CMO, Crowdcube said: “This is a phenomenal response given ID Finance doesn’t have any customers in the UK. It shows investors coming to Crowdcube share ID Finance’s conviction for the enormous opportunity for fintech in Spain and Latin America. We expect ID Finance to be one of the big names in the global fintech industry in the years to come.

ID Finance, which was founded by ex-bankers Boris Batin and Alexander Dunaev, uses machine learning and advanced data science techniques to provide competitive financial services to the underbanked and help customers build their credit profile.

The company has enjoyed rapid growth and now has 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. ID Finance 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.

Fintech startups such as Nubank are attracting considerable in Latin America. Those investing in fintech companies in the region include Goldman Sachs, Morgan Stanley, Victory Park Capital, Santander InnoVentures, Softbank and Tencent.

The success of ID Finance’s crowdfunding campaign comes following a strong quarter for fintech on Crowdcube – it recently reported that 38% of the £39m invested via its platform in the last quarter went to fintech startups. Curve (£5.3m), Chip (£3.9m) and Gohenry (£1.5m) were among the fintech fundraising leaders on Crowdcube in the three months to the end of September.

The Latam fintech opportunity

  • According to the World Bank 61% of Mexico’s population is excluded from the traditional banking system, while 40% of Brazil’s 207m population are underbanked.
  • Brazil has an estimated revenue pool of $24 billion for fintech companies over the next 10 years, with payments, lending and personal finance the most promising segments according to Goldman Sachs.
  • Finnovista, a fintech startup accelerator, has predicted that fintechs could take up to 30 per cent of the Mexican banking market over the next decade.

Dmitry Gorokh
Director of Strategic Communications
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