ID Finance leverages technology to offer affordable financial services. Credit: Priscilla Du Preez on Unsplash.

Spanish fintech company ID Finance has raised €30m in equity funding led by Kingsway Capital, a UK-based asset manager. 

The deal includes a primary capital injection as well as the purchase of shares from the company’s existing backers.

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It has been structured as a convertible loan with a maximum value of €235m.

With more than five million users registered across Spain and Mexico, ID Finance leverages analytics and machine learning algorithms to give customers access to affordable financial services.

The fintech will use the investment to support its organic growth with a focus on launching its financial wellness app Plazo in Spain and Mexico. 

ID Finance co-founder Boris Batine said: “I am very happy to welcome Kingsway, as our strategic partner. Having a new institutional investor on board opens a new horizon for ID Finance. 

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“I believe this is the beginning of a new chapter for the company, and we are very excited about the prospects of the group.”

Kingsway Capital managing partner Tamir Saeed said: “We are excited to partner with ID Finance and support their mission to provide access to financial services to underserved consumers in Developed and Emerging Markets. 

“ID Finance has a proven track record of using technology and data analytics to create innovative financial products, and we believe they are well-positioned to capture significant market share and drive financial inclusion across Europe and Latin America”.