Spain’s ID Finance secures €139.5M debt financing to expand its financial wellness app Plazo
Summary
Barcelona-based ID Finance, a company that claims to be a leading fintech in Spain and Mexico, announced that it has secured $150M (approximately €139.59M) in debt funding. The debt funding came from i80 Group, a New York-headquartered investment firm that specialises in providing tailored financing solutions to empower growth in the innovation economy. The company leverages machine learning and advanced data science to offer competitive financial services to the underbanked, helping customers build credit profiles. A strategic partnership with Meeting Pros underscores Plazo’s commitment to expanding services, offering users complimentary medical, legal, and veterinary consultations through the app. Plazo has attracted over 190,000 customers since its 2021 launch in Spain, aligning with its mission to use technology to enhance individual financial well-being through a versatile product suite.