By John Reynolds on 8th October 2019
ID Finance says it's on course to double revenues to €90m (£80m) this year.
Barcelona-based fintech ID Finance is turning to crowdfunding platform Crowdcube, as it targets a revenue boost.
ID Finance is calling out to its existing investors and its clients to invest in the company through Crowdcube, Britain's biggest equity crowdfunding
site by volume of deals.
ID Finance said: "The investment amount is limited and priority access will be given to those who pre-register on its website."
The move marks the first equity crowdfuding round via Crowdcube undertaken by ID Finance.
It comes as ID Finance says it's on course to double its revenues to €90m (£80m) this year and is targeting €300m (£268m) plus revenues within two years.
ID Finance has operations in Spain, Brazil and Mexico. It said it was profitable in Spain and operationally profitable in Mexico, in a media release. It did not reveal details about whether it was profitable in Brazil.
The data science, credit scoring and digital finance company uses machine learning and advanced data science to provide financial services to those who don't have access to mainstream financial services.
It offers customers online loans via its Moneyman and Plazo brands.
"We continue to see very considerable opportunity both in Spain and Latin America, where there is a deep structural demand for credit that is
not being met by incumbents, said Boris Batin, CEO and co-founder of ID Finance.
ID Finance says it now has over three million users with over 40,000 new users joining each week.
"At the core of our business is state-of-the-art AI and data science technology which significantly increases our risk assessment efficiency. We also now
have finely tuned unit economics and are ready to scale," added Batin.
ID Finance has targeted markets which it believes are lacking access to mainstream financial services, as well as having high mobile penetration.
For example, according to the World Bank, 61% of Mexico's population is excluded from the traditional banking system, while 40% of Brazil's population are undersupplied.