Overfunding: ID Finance, a Fast-Growing Fintech in Spain and Mexico, Secures €1M+ from 459 Investors via Crowdcube

ID Finance, which claims to be one of the fastest-growing Fintechs in Spain and Mexico, has raised 106% (€1,062,883) of its €1M fundraising target from 459 investors (at the time of writing) via Crowdcube with 3 days left in its crowdfunding campaign.

After a record-setting Crowdcube round back in 2019 for a Spanish Fintech, ID Finance has been able to more than double its business and became profitable during the first 9 months of 2021 while “pioneering carbon-neutrality.” The Fintech company recently launched a new financial wellness app, Plazo.

ID Finance reports a €220,000,000 pre-money valuation, a €8.09 share price, 0.48% Equity,

Here are the key business highlights shared by the company:

  • Fastest-growing Fintech in Spain 4 years in a row (Financial Times)
  • €103m revenue in 2020 (2.1x since 2018) & €96m revenue & 1.7m net profit for 9M 2021 YTD
  • 5m+ registered users (3.3x since 2019), adding an av. of 50k new users during 3Q21
  • First carbon neutral FinTech in Spain

As mentioned in the update, ID Finance is a digital financial services platform “with a history of growth.”

ID Finance has been recognized as the top alternative lending brand in Spain by online search as well as the “fastest growing FinTech brand in LatAm, 5m+ users, +€30m/month loan issuance.”

ID Finance further claims to have closed the largest round by a non-UK Co. on Crowdcube in 2019; €5.4m. It’s offering what it considers to be an “industry-beating NPS of 70-78.” The firm reports a “YTD revenue €96m, profit €1.7m.”

The company just launched Plazo, which is a financial wellness app to “tap into €400 bn market of Southern Europe & Hispanic America.”

This audience is mainly “serviced by incumbent banks infamous for excessive costs for basic services (i.e. withdrawals, account fees).” Plazo aims to “disrupt this with a free online account & zero commissions card with cashback & discounts makes everyday shopping seamless & rewarding. In the future aiming to offer BNPL, saving & investing tools.”

The company also shared:

“ID Finance can deliver – it has a deep understanding of customer base, expertise in credit risk management, proprietary technology & proven traction in building FinTech businesses. This year it turned profitable generating YTD profit €1.7m, a remarkable surge from -€8.5m loss in pandemic-ravaged FY 2020, we believe it was a clear demonstration of resilience & adaptability.”

More than 25,000 Plazo cards have reportedly been issued “within just a few months since launch in Spain; we aim to make Plazo available in Mexico.” The Fintech firm believes Plazo is “an opportunity to improve the financial lives of people.”

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