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ID Finance raised 2.2 times its 2025 revenue for a lending app with 400,000-plus customers

ID Finance has raised €545m in equity and debt for its Plazo app, about 2.2 times the group's €243m of 2025 revenue. Most of the support offered is in percentages, so the repeat lender, i80 Group, is the firmest signal.

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Illustration accompanying ID Finance raised 2.2 times its 2025 revenue for a lending app with 400,000-plus customers
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ID Finance's raise follows a 2024 i80 debt facility ID Finance's new equity and debt package, its 2025 group revenue, and the debt financing i80 Group supplied in early 2024.

Key figures: ID Finance raised €545m in a combined equity and debt package. The group posted €243m in revenue in 2025. In early 2024, i80 Group supplied $150m in debt financing, used to expand the Plazo loan book.

ID Finance's raise follows a 2024 i80 debt facility
FigureValueNoteClaim
ID Finance equity and debt package€545 million1
Group revenue, 2025€243 million8
i80 debt, early 2024$150 million3

What happened

  • Spice Expeditions, WashU and Kingsway Capital backed the round, with i80 Group contributing the asset-based financing.
  • i80 had already lent to ID Finance two years earlier, in early 2024, and the company used that facility to expand the Plazo loan book.
  • Group profit almost doubled over 2025, and Plazo turned profitable at the bottom line during the year.
  • ID Finance expects Plazo to deliver another 300% expansion in 2026, underpinned by AI-powered technology infrastructure.
  • The group has launched Turrón by Plazo, which bundles an e-money account, a debit card and buy-now-pay-later, and is now signing partner merchants.

Why it matters

  • What it limits constraint A portion of the new capital is tied directly to Plazo's lending, according to The Paypers, so the money free for product and merchant work is smaller than the €545m headline.
  • Who has to decide decision The earmark puts the package behind one Spanish app, and Mexico, where the group also operates, is not named among the uses of the money.
  • Who's exposed exposure A portfolio that tripled in 2025 and is meant to grow again in 2026 is mostly loans that have had little time to default, so loss rates become the test of the 300% target.

FinTech Global says the transaction ranks among the biggest completed by a Spanish fintech in recent years [20]. The €243m of 2025 revenue behind it is the whole group's [8]. Plazo's growth is given only as a percentage, up 300% [10], and the announcements do not give its revenue in euros or the split between equity and debt, so the share of that revenue Plazo earns cannot be sized from outside [8][10].

The part of the evidence a lender has checked is i80's return. According to The Paypers, i80 is coming back as a lender and increasing the scale of its asset-based financing, and its managing director, Peter Frank, cited ID Finance's management of risk during the portfolio's expansion as a factor in deepening the relationship [13]. i80 has had two years of the earlier facility's performance to look at [3]; an outside reader has one year of growth rates. The counter-thesis is narrower: a repeat lender confirms repayment on the book it has seen, and the 2026 target describes a book it has not [19].

On that earlier facility, FinTech Global puts it at $150m [3] and The Paypers at about €138m [4]. The implied rate is 1.09 dollars to the euro [14], which points to one facility reported in two currencies, though neither outlet says so.

Read as an increase of 300%, Plazo's 2025 revenue growth is a quadrupling, and a second 300% in 2026 [19] would leave revenue at 16 times its 2024 level [17]. Co-founder Alexander Dunaev put the year differently. "Plazo tripled its portfolio in 2025 and reached profitability, proving that responsible, AI-driven underwriting and a genuinely better product experience can scale together," he said [11]. If "300%" means a tripling, the same two years compound to 9 times [18]. Revenue and portfolio are different measures, so both statements can be true, but the distance between 9 times and 16 times is wide.

Spread across the 400,000-plus customers [10], the package comes to about €1,360 each [16]. In our view the package rests on the 2026 target as much as on 2025 results [19]. If growth lands near that target, the customer base grows and the per-customer figure shrinks; if growth stalls, part of the debt line sits idle. We would revise this reading if Plazo's own revenue turns out to be most of the €243m [8], because then the 300% would sit on a large base.

What to watch

  • Whether ID Finance publishes Plazo's own euro revenue; if it is most of the €243m, the 300% growth sits on a large base.
  • Plazo's 2026 growth against the 300% target, and the size of any further i80 facility.
  • How many partner merchants sign up for Turrón by Plazo, since BNPL volume depends on them.

Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.

Clarity's read

What the record supports and how the coverage leans. The claims behind it follow.

Reality

Evidence38
Adoption45
Hype gap+30
Incentives70
Confidence55
Why these scores

Claim ledger

Ranked by verification strength, evidence, and original report placement.

  1. [1]

    ID Finance, the group behind the Plazo app, raised €545m in a combined equity and debt package.

    Reported Supported Source: FinTech Global; The Paypers reports the same amountView cited source
  2. [2]

    Spice Expeditions, WashU and Kingsway Capital backed the deal, alongside i80 Group, which contributed asset-based financing.

    Reported Supported Source: FinTech GlobalView cited source
  3. [3]

    Two years earlier, in early 2024, i80 Group supplied $150m in debt financing, a facility ID Finance used to expand the Plazo loan book.

    Reported Supported Source: FinTech GlobalView cited source
  4. [4]

    The transaction follows a debt financing round of approximately EUR 138 million provided by i80 Group in early 2024, used to grow Plazo's credit portfolio.

    Reported Supported Source: The PaypersView cited source
  5. [5]

    ID Finance recently introduced Turrón by Plazo, combining an e-money account, a debit card and a Buy Now, Pay Later offering, and is now concentrating on signing up more partner merchants.

    Reported Supported Source: FinTech GlobalView cited source
  6. [6]

    The capital is earmarked for Plazo, to broaden the app's range of products and strengthen its capabilities.

    Reported Supported Source: FinTech GlobalView cited source
  7. [7]

    According to Kingsway Capital, ID Finance aims to widen access to financial products for consumers in both Spain and Mexico.

    Reported Supported Source: Kingsway Capital, as reported by FinTech GlobalView cited source
  8. [8]

    ID Finance posted €243m in revenue in 2025.

    Reported Supported Source: FinTech GlobalView cited source
  9. [9]

    ID Finance's profit almost doubled over 2025, and Plazo turned profitable at the bottom line during 2025.

    Reported Supported Source: FinTech GlobalView cited source
  10. [10]

    Plazo's revenue climbed 300% year on year in 2025 and its customer base surpassed 400,000.

    Reported Supported Source: FinTech GlobalView cited source
  11. [11]

    "Plazo tripled its portfolio in 2025 and reached profitability, proving that responsible, AI-driven underwriting and a genuinely better product experience can scale together," said ID Finance co-founder Alexander Dunaev.

    Reported Supported Source: Alexander Dunaev, ID Finance co-founder, quoted by FinTech GlobalView cited source
  12. [12]

    The structure of the round, pairing equity with asset-based financing, ties a portion of the new capital directly to Plazo's lending activity, as with the 2024 facility.

    Reported Supported Source: The PaypersView cited source
  13. [13]

    i80 Group is returning as a lender and increasing the scale of its asset-based financing; Peter Frank, Managing Director at i80, pointed to ID Finance's management of risk during the portfolio's expansion as a factor in deepening the relationship.

    Reported Supported Source: The PaypersView cited source
  14. [14]

    The two reported sizes of the 2024 i80 facility, $150m and about €138m, imply a rate of about 1.09 dollars per euro.

    Derived Supported
  15. [15]

    The €545m raise is about 2.2 times ID Finance's 2025 group revenue of €243m.

    Derived Supported
  16. [16]

    Spread across 400,000 customers, €545m comes to about €1,360 per customer (an upper bound, since the base is above 400,000).

    Derived Supported
  17. [17]

    If Plazo's revenue rose 300% in 2025 (a quadrupling) and rises another 300% in 2026, 2026 revenue would be 16 times the 2024 level.

    Derived Contested
  18. [18]

    If both 300% figures meant a tripling, two years would compound to 9 times the 2024 level.

    Derived Contested
  19. [19]

    With further financing in place, ID Finance expects Plazo to deliver another 300% expansion in 2026, underpinned by AI-powered technology infrastructure.

    Reported Insufficient Source: FinTech Global, citing the company; The Paypers reports the same targetView cited source
  20. [20]

    The transaction ranks among the biggest completed by a Spanish fintech in recent years.

    Reported Insufficient Source: FinTech GlobalView cited source

Sources

2 independent publishers whose own reporting we read for this story.

  1. fintech.global

    1 article · October 14, 2026

    ID Finance lands €545m to scale Plazo in Spain
  2. thepaypers.com

    1 article · October 13, 2026

    ID Finance secures EUR 545 million to expand consumer finance app Plazo

Topics and entities

Topics

Entities

  • Alexander Dunaev
  • Kingsway Capital