ID Finance Spain S.A.U. released its audited financial results for the first half of 2023. The company has provided the following operational and financial information:
ID Finance Spain reported a net income of €4.4M, following an 8% increase in its net portfolio, which hit a new record of €51M. During the first half of the year, the company originated €121M in consumer loans, processing more than 70 000 applications per month.
In addition, ID Finance Spain held a strong equity position of 25.8%, representing a 2.1 percentage point improvement from the previous year. The ID Finance Spain Eurobond keeps complying with its covenants with significant headroom: equity/asset ratio (over 26% vs. 15% required level) and interest coverage (over 3x vs. 1.5x required level).
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 in Barcelona by Wired magazine.