ID Finance Spain has published its audited financial results for 2022. The company has provided the following operational and financial information:
- Net income of €10.4M
- Revenue of €119M
- Growth at a 33% pace compared to the previous year
ID Finance Spain also reports that the company’s capital grew to €18.7M. This resulted in an equity ratio of 24%, exceeding the industry’s average level of around 15%. The company’s overall credit issuance continued to grow, reaching €242M originations in 2022.
Boris Batine, co-founder of ID Finance, is very positive about the results. He notes that 2022 was a challenging financial year overall, however despite the economic uncertainty, the company grew, and he sees this trend continuing going into 2023.
ID Finance Spain reports that it optimized marketing costs by 40%, achieving the lowest levels ever registered within the company. In addition, the company has maintained high quality clients, with a non-performing loan ratio of 10% within 90 days. This trend demonstrates significant improvement in unit economics of MoneyMan Spain, which, in combination with being the top choice on the market, will contribute to further successful and profitable growth this year.
On the back of the strong results and growing demand in Spain, ID Finance performed a successful maturity extension of the €40M Eurobond program, finding broad support among bondholders. The company also made several amendments to make the terms more favorable for a wider audience of European investors, including a nominal value decrease from €100 000 to €1 000 and introducing financial covenants to ensure financial control for investors. The bonds are available for trading at the Frankfurt Stock Exchange (ISIN: XS2231806394).
About ID Finance
ID Finance is a data science, credit scoring and digital finance company that is pioneering fintech innovation in emerging markets with a range of convenient, competitive and transparent loan products available over the internet. The company uses machine learning and advanced data science techniques to improve access to competitive financial services. Headquartered in Barcelona, ID Finance operates under the MoneyMan and Plazo brands in Spain and Mexico. The company’s founders previously worked in banking including Deutsche Bank and Royal Bank of Scotland. ID Finance is trusted by both private and institutional investors around the world. The company has been ranked by FT 1 000 as one of Europe’s fastest growing companies for the sixth year in a row. It was also rated among the hottest startups of Barcelona by Wired magazine.