Scottish fintech DirectID raises €9m from IKEA group

DirectID, a fintech specialising in credit risk, risk analytics and predictive modelling, using bank transaction data has raised €9m. 

The cash will give Ingka Group, the owner of IKEA, a minority investment in the firm.

Edinburgh-based DirectID aims to promote financial inclusion through its global credit risk score which provides a real-time dataset across the credit life cycle. 

We are excited to be shaping a new global standard in credit scoring that enhances people’s lives by enabling access to products they need in an affordable way,” said James Varga, CEO and founder of DirectID.

“Our coverage, advanced insights and predictive models provide a unique opportunity to achieve this by creating the world's first real-time, inclusive, credit score based on open finance data” he added.

The new cash is set to be used to accelerate the launch of DirectID's next predictive models for credit & risk, built from open banking data.