ID Finance, the fintech company operating in Europe and Latin America, achieved revenue of €81 million in 2019. This represents 96% growth for its business in Spain, Brazil and Mexico.
ID Finance reports 3.8 million registered users, twice as many as in 2018. The Company’s assets Moneyman and Plazo have become top alternative finance brands in Spain and Mexico. Brand searches increased 90% in 2019 to 2.12 million. As a result, the Company is now onboarding over 50,000 new registered users weekly and seeks to capitalise on this rapidly growing customer base with c. 90% retention rate.
In 2019, ID Finance strengthened its team with professionals with unique technological expertise and robust management skills. This will support further rapid growth and will ensure an efficient response to increasing market demand. ID Finance currently has 480 employees across Europe and Latin America.
The Company has finalised its strategy for 2020. It is aimed at further growth, adding new products, improving customer service, and becoming the number one alternative finance company in the Hispanic world.
“In 2019, the Company showed strong growth dynamics and increased its market share thanks to an effective business model and strict execution of strategy. We have successfully scaled the business and achieved operating profit. Despite the macroeconomic volatility, the Company plans to continue its growth, increase the quality of its credit portfolio and launch new products” said Boris Batine, Co-founder and CEO at ID Finance. “According to our forecasts, ID Finance will double revenue again to €174 million in 2020. We are continuing our sustainable growth and expect to triple operational profit”.
In March 2020, ID Finance was named as the fastest-growing fintech in Spain in 2019 by the Financial Times. The Company also became a member of Techshare, the Euronext pre-IPO program for tech companies. Other achievements include featuring in the list of Top Spanish startups to follow in 2020 by Sifted, recognition by the Mexican Center for Philanthropy as socially responsible enterprise, and inclusion in TechScale200 – a list of Europe’s 200 most exciting tech companies that are achieving rapid growth at scale. In 2019, ID Finance completed a record-breaking €5.4 million equity raise on Crowdcube at a post-money valuation of €95mn, which added over 1100 new shareholders.