ID Finance has secured $24.4M in new funding, with nordIX leading the investment. The Barcelona-based fintech, which operates across Europe and Latin America, has been profitable since its 2015 founding and has processed over 9 million credit applications to date.
The company is perhaps best known for launching Plazo in 2021, Spain's first credit-led challenger bank, which offers a free Mastercard debit card with competitive cashback. ID Finance also claims to be the first carbon-neutral financial technology firm in its region, and its proprietary risk-assessment technology-which incorporates behavioral biometrics and machine learning-has reportedly improved efficiency by 50%. The fresh capital arrives as the company pushes for faster expansion in both its core markets.
