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Fintech company ID Finance
has secured a €21 million debt facility from German asset manager nordIX to
support the continued growth of its consumer lending business in Spain.
Founded in Barcelona in
2015, ID Finance operates in Spain and Mexico, providing digital financial
services focused on consumer lending. The company has more than 3.7 million
registered users in Spain, where it offers small, short-term consumer loans through
a digital platform.
ID Finance will use the
new facility to finance additional consumer loans originated through its
platform and expand its credit portfolio in Spain. The financing will increase
the capital available for new loan originations and add to the company’s institutional
funding sources.
During the first half of
the year, ID Finance originated more than €190 million in consumer loans in
Spain and reported approximately €100 million in revenue.
According to Boris Batine,
co-founder and CEO of ID Finance, the agreement represents a further step in
expanding the company’s alternative lending platform in Spain.
By increasing our lending
capacity, it will enable us to finance more originations and continue expanding
the portfolio. nordIX’s support also reflects investor confidence in the
platform’s operating model, its established track record in Spain and the disciplined
approach to risk management that has underpinned its growth.
The debt facility forms
part of ID Finance’s broader funding strategy to diversify its sources of
institutional capital and support the longer-term development of its consumer
lending business in Spain.