ID Finance is a FinTech company specialising in online lending and credit scoring. It is headquartered in Barcelona, but also has a presence in Russia, where it is currently the number one online lender, Poland and Brazil.
At the core of the business is its advanced IT and risk system, which collects and analyses thousands of data points in real time. With teams of data scientists and risk analysts, many of whom come from the financial services industry, it is continually evolving its technology and has one of the best risk systems in the industry. As a result, the company is able to achieve profits just one year after launching in a new market.
The company has received a $50M round, including $15M from Russia's TransKapitalBank and $2.8M from Russian tycoon Vadim Dymov.
ID Finance will use the funding raised for its expansion programme in Latin America following the launch of its online financing service MoneyMan last year in Brazil.
"The opportunity for the fintech sector in emerging markets is so high that it is difficult to measure - we are talking about massive structural consumer demand for credit that is not being met in many cases," said ID Finance's CEO. "These are often large markets with very uncompetitive financial services and limited credit availability. Thanks to the growth of the internet and mobile, we can make it easier for people to apply for loans and by using alternative data sources, we can extend credit to a much larger portion of the population."
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