ID Finance lands $150m debt financing headed by i80 Group
Barcelona-based ID Finance has secured $150 million in debt financing with i80 Group to accelerate the growth of its flagship financial wellbeing app Plazo.
ID Finance receives financing to scale Plazo app
ID Finance specialises in providing solutions for alternative lending, and currently operates across Europe and Latin America. In 2021, the fintech launched its Plazo app in Spain with the aim of affording users “greater control over their finances” by providing credit, transactional and savings solutions.
The firm says it will now apply its latest round of funding to scaling the app’s lending capabilities.
“With the support of i80 Group, we are set to scale to new heights in financial innovation and inclusivity, making Plazo an indispensable tool for financial wellness across Spain and beyond,” comments Boris Batine, co-founder of ID Finance.
Additionally, its collaboration with digital consultation platform Meeting Pros, announced last month, “exemplifies Plazo’s commitment to broadening its service offerings, providing users complimentary access to medical, legal, and veterinary consultations via the app,” claims the company.
The news of ID Finance’s recent financing deal with i80 Group comes off the back of reports of the fintech’s 2023 financial performance, where it claims to have achieved a consolidated net income of €7.1 million, a 13% year-over-year growth.
Headquartered in New York, global investment firm i80 Group’s financing of ID Finance follows its recent $75 million funding of San Francisco fintech Cardless and the $80 million credit facility it provided to Latin American start-up Kiwi last year.
