ID Finance, based in Barcelona, has closed its crowdfunding round raising £4.95 million. The equity offering was listed on Crowdcube Spain and topped the previous record for equity crowdfunding in the country. ID Finance is an online lender, data and credit scoring company operating in Europe as well as Latin America.
According to the offering page, 1223 individual investors participated in the round which sought 5.76% equity at a pre-money valuation of £81,037,856. Investors averaged £4,049 of investment.
ID Finance reports rapid growth with over 3 million users. The company claims to be adding 40,000 new users every week. ID Finance projects top-line revenue to double this year to €90 million. Management is targeting €267+ million in revenue by 2021.
ID Finance was selected by Euronext, owner of the Paris Stock Exchange, for its IPO program thus messaging a possible listing on an exchange.
Boris Batin, CEO and co-founder at ID Finance, said they were delighted with the results of crowdfunding round which more than doubled its initial £2 million target:
“We welcome our new investors on board and will keep them updated on progress as we execute our growth plans.”
Luke Lang, co-founder and CMO at Crowdcube added:
“ID Finance’s phenomenal performance on Crowdcube shows the strength of its proposition for the market, in Spain and internationally. We’re proud to say it’s in Crowdcube’s Top 10 for Fintech raise sizes. ID Finance has clearly struck a sweet spot with its community of investors and we look forward to seeing it go from strength to strength.”
Fintech has been a hot sector for the UK and Crowdcube specifically. Crowdcube recently reported that 38% of the £39 million invested via its platform in the last quarter went to Fintech startups. These included Curve (£5.3m), Chip (£3.9m) and Gohenry (£1.5m).
ID Finance sees an opportunity to expand further into Latin America due to a large non-banked or underbanked population. It has been estimated that 40% of Brazil’s 207 million population is underbanked.
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