Mintos originator ID Finance secures €12m funding line
Mintos originator and consumer lender ID Finance has secured a €12m (£10.44m) funding line from a listed European bank.
The money will be used to fund the company’s consumer lending business in its primary market of Spain. The fintech lender also has lending operations in Mexico.
“This is our first financing agreement with a renowned banking institution, which is not just a testament to ID Finance’s robust financial standing but also a beacon of trust and confidence in our business model,” said Boris Batin, co-founder of ID Finance.
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“As ID Finance continues to navigate the dynamic fintech landscape, this partnership is poised to unlock a new path for growth and innovation, further cementing our position as a market leader.”
The platform will use the funding line to expand its credit portfolio in the Spanish market, where it already has more than two million unique registered users.
Earlier this year, ID Finance Spain saw its portfolio surpass the €50m mark within the first quarter, representing a five per cent year-on-year increase.
The ID Finance group reported a revenue of €132m for the first nine months of the year, following a record high in credit originations totalling €282m.
Spanish consumer loans contributed a net profit of €7.3m in the first nine months of 2023 alone, while credit issuance in Spain accounted for a €191m.
Read more: Mintos originator ID Finance sees portfolio hit €50m
