Spanish fintech ID Finance has secured a $30 million debt facility from SR Alternative Credit to support its consumer lending business in Mexico. The funding will accelerate its growth in the country.
Facts
- ID Finance has secured a $30 million debt facility from SR Alternative Credit to support its consumer lending business in Mexico.
- The debt facility has been structured through a Master Collection Trust Fund set up in Mexico with Actinver Bank.
- ID Finance will use the new facility to accelerate its growth in Mexico.
- ID Finance claims to serve over two million registered users in the country and originated over €98 million in consumer loans in 2022.
- Peter Faigl, chief investment officer at SR Alternative Credit, says ID Finance’s “strong track record” will help it attract “new underserved customers” and further promote financial inclusion in Latin America.
- ID Finance offers lending solutions powered by machine learning and analytics and claims to have processed more than 10 million credit applications since inception.
- The funding follows ID Finance’s recent €30 million equity fundraise from UK-based asset manager Kingsway Capital.
