Spain’s fastest growing FinTech ID Finance reaches crowdfunding target

ID Finance, which claims to be the fastest growing FinTech in Spain and Mexico, has reached the €1m target for its crowdfunding campaign on Crowdcube.

The FinTech company has received commitments from 495 investors, in exchange for 0.49% of its equity. Shares are priced at €8.09 apiece and ID Finance is raising the money at a €220m pre-money valuation.

It previously raised €5.4m in a crowdfunding investment back in 2019, which was the largest round on Crowdcube that year of a non-UK company.

ID Finance is a data science, credit scoring and digital finance company. It offers a free online account, zero commissions card with cashback and discounts, and offers rewards for shopping.

In the future, it plans to release a buy now, pay later service, and saving and investing tools.

It has recorded a strong year, with a year-to-date profit of €1.7m, compared to last year’s -€8.5m loss.

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