TLDR:
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 specializes in providing solutions for alternative lending, and currently operates across Europe and Latin America. The firm says it will now apply its latest round of funding to scaling the app’s lending capabilities. 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.
Key points:
– ID Finance has secured $150 million in debt financing from i80 Group to support the growth of its Plazo app.
– The funds will be used to scale the app’s lending capabilities.
– ID Finance’s recent financial performance shows a consolidated net income of €7.1 million in 2023, a 13% year-over-year growth.
– The fintech aims to broaden its service offerings through collaborations, such as its partnership with Meeting Pros, which provides users with access to medical, legal, and veterinary consultations.
– i80 Group has previously invested in fintech firms Cardless and Kiwi, and will now provide financing to ID Finance.
