Plazo has issued over 60,000 debit cards since its launch

Plazo, the new neobank ID Finance launched in Spain in 2021, has already issued over 60,000 Mastercard debit cards. This figure is equivalent to a weekly average increase of 22%.

The strong growth registered so far is due to the strong product offering and an increasing brand awareness in the Spanish market.

At its initial stage, Plazo offered a free Mastercard debit card, both physical and virtual to be able to pay with smartphone. This card comes with one of the most attractive cashback programmes in Spain. Customers receive up to €30 a month for their purchases. In addition, customers are rewarded with up to €100 for bringing friends to Plazo.

In November 2021 Plazo expanded its product offer by including credit lines, issued by another company of ID Finance group. Now Plazo is already beginning to monetize its first core credit product with other finance solutions to be launched soon.

Besides Plazo’s clients are increasingly using the card for their day-to-day purchases. In this regard, the run rate number of card transactions is already close to 100,000 whereas volumes surpass 2.5 million per month.