Mintos originator and shopper lender ID Finance has secured a €12m (£10.44m) funding line from a listed European financial institution.
The cash will likely be used to fund the corporate’s shopper lending enterprise in its major market of Spain. The fintech lender additionally has lending operations in Mexico.
“That is our first financing settlement with a famend banking establishment, which isn’t only a testomony to ID Finance’s strong monetary standing but additionally a beacon of belief and confidence in our enterprise mannequin,” stated Boris Batin, co-founder of ID Finance.
Learn extra: Mintos hails September of “optimistic development”
“As ID Finance continues to navigate the dynamic fintech panorama, this partnership is poised to unlock a brand new path for development and innovation, additional cementing our place as a market chief.”
The platform will use the funding line to develop its credit score portfolio within the Spanish market, the place it already has greater than two million distinctive registered customers.
Earlier this yr, ID Finance Spain noticed its portfolio surpass the €50m mark throughout the first quarter, representing a 5 per cent year-on-year enhance.
The ID Finance group reported a income of €132m for the primary 9 months of the yr, following a file excessive in credit score originations totalling €282m.
Spanish shopper loans contributed a internet revenue of €7.3m within the first 9 months of 2023 alone, whereas credit score issuance in Spain accounted for a €191m.
Learn extra: Mintos originator ID Finance sees portfolio hit €50m