ID Finance, the fintech leader based in Barcelona, Spain, and extending its reach in Mexico, has successfully secured a substantial $150 million (approximately €139.59M) in debt financing. This strategic financial injection is aimed at propelling the expansion of its innovative financial wellness app, Plazo, marking a significant stride in the company’s mission to enhance financial wellness for underserved consumers.
The debt financing was provided by i80 Group, a New York-based investment firm renowned for its tailored financing solutions designed to foster growth in the innovation economy. This collaboration underscores ID Finance’s commitment to improving financial wellness through technological innovation and strategic partnerships.
Enhancing Financial Wellness with Plazo
Founded in 2012 by ex-bankers Boris Batin and Alexander Dunaev, ID Finance has been at the forefront of leveraging machine learning and advanced data science to offer competitive financial services to the underbanked. The company’s flagship app, Plazo, launched in Spain in 2021, is a testament to ID Finance’s dedication to empowering users with transactional, savings, and credit solutions that enhance financial stability.
With this latest round of funding, ID Finance plans to expand Plazo’s offerings, including a strategic partnership with Meeting Pros to provide users with complimentary medical, legal, and veterinary consultations through the app. Since its launch, Plazo has attracted over 190,000 customers, affirming its role in using technology to improve individual financial well-being.
A Future of Financial Innovation and Inclusivity
Boris Batine, co-founder of ID Finance, expressed enthusiasm about the financing, viewing it as both a recognition of past achievements and a bridge to future aspirations. “With the support of i80 Group, we are set to scale to new heights in financial innovation and inclusivity, making Plazo an indispensable tool for financial wellness across Spain and beyond,” Batine stated.
This funding round not only signifies a pivotal moment in ID Finance’s journey but also reinforces the company’s vision to become the financial app of choice, enriching lives through technology-driven financial innovation.