ID Finance, a Fintech that is queued up for expansion into the Latin America market, is now above £2 million in its securities offering on Crowdcube. At the moment, ID Finance stands at £2.337 million backed by 730 investors. ID Finance originally sought £2 million for a 2.8% equity stake at a pre-money valuation of £81 million.
Founded by Boris Batin and Alexander Dunaev, ID Finance “uses machine learning and advanced data science techniques to provide competitive financial services to the underbanked and help customers build their credit profile.” ID Finance reports more than 3 million users and claims over 40,000 new users joining each week.
ID Finance says it is on track to double annual revenues this year – expecting to hit €90 million. The company is predicting over €267 million in revenue by 2021. It also is hinting about a possible future initial public offering as it is part of Euronext’s Techshare IPO program.
In a release, Batin, CEO of ID Finance, said they are very encouraged by the results from Crowdcube investors especially since the company has a “limited presence in the UK market.” ID Finance is based in Barcelona, Spain.
“This is not only a tremendous vote of confidence in our business but also in the Latam Fintech market,” said Batin.
Crowdcube has experienced a strong quarter of Fintechs gaining growth capital on the crowdfunding platform. 38% of the £39 million invested on Crowdcube during last quarter went to Fintech startups. Curve (£5.3m), Chip (£3.9m) and Gohenry (£1.5m).
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