ID Finance Spain has published its results for the first half of 2022.
The firm has provided the following operational and financial information:
- Net profit up 25% YOY, to €5m
- Revenue up 57% YOY, mainly due to the positive performance of MoneyMan’s lending activity in Spain
ID Finance Spain has “closed the first half of 2022 with a net profit of €5 million, which is a 25% increase on a yearly basis.” Overall, MoneyMan’s lending activity in Spain “contributed to a €59 million revenue, a 57% increase compared to the same period of 2021.”
With an equity to assets ratio of 23%, the company “holds a strong and healthy equity position.”
In this regard, in May of this year, Fitch Rating “improved IDF Spain’s outlook from negative to stable and affirmed the rating of the company’s non-guaranteed long-term debt -IDF Spain SAU 9,5% 20/23 Bond- listed on Frankfurt, at ‘B-‘ with a Recovery Rating of ‘RR4’.”
This sustainable position “allows the company to engage new institutional investors to support strategic initiatives and further growth.”
ID Finance is “a data science, credit scoring and digital finance company that is pioneering fintech innovation in emerging markets with a range of convenient, competitive and transparent loan products available over the internet.”
The company uses machine learning and advanced data science techniques “to improve access to competitive financial services.”
Headquartered in Barcelona, ID Finance “operates under the MoneyMan and Plazo brands in Spain, Brazil, and Mexico, with R&D located in Minks, Belarus.”
The company’s founders previously “worked in banking including Deutsche Bank and Royal Bank of Scotland.”
ID Finance is “trusted by both private and institutional investors around the world.” The company has been “ranked second fastest growing fintech in the FT 1000 list.” It was also rated “among the hottest startups of Barcelona by Wired magazine.”
As covered in November 2021, ID Finance, which claims to be one of the fastest-growing Fintechs in Spain and Mexico, had 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 had reported a €220,000,000 pre-money valuation, a €8.09 share price, 0.48% Equity,