- Barcelona-based ID Finance has secured $150 million in debt financing from i80 Group to accelerate the growth of its Plazo app.
- ID Finance specializes in alternative lending solutions and operates in Europe and Latin America.
- The Plazo app, launched in Spain in 2021, aims to provide users with greater control over their finances through credit, transactional, and savings solutions.
- The latest funding round will be used to scale the app’s lending capabilities.
- ID Finance plans to broaden its service offerings by collaborating with digital consultation platform Meeting Pros, providing users with complimentary access to medical, legal, and veterinary consultations via the app.
- The financing deal with i80 Group follows ID Finance’s 2023 financial performance, reporting a consolidated net income of €7.1 million, a 13% year-over-year growth.
- i80 Group, headquartered in New York, has recently funded San Francisco fintech Cardless with $75 million and provided an $80 million credit facility to Latin American startup Kiwi last year.
