Company with Russian roots raises crowdfunding investment
15 Nov '19
ID Finance, a Spain-registered fintech group of Russian origin, closed its first-ever crowdfunding round on Crowdcube, Europe’s largest crowdfunding platform, Rusbase reported.
The group raised a total of $6.33m from 1,223 investors, with $2m, about 30% of the total amount, obtained within the first 24 hours of the round.
ID Finance began fundraising on October 16 and then cut it short on November 10 following a 247% over-subscription. The company is now valued at $99.25m.
ID Finance is on the top 10 list of fintech projects by amount of Crowdcube-facilitated fundraising. The ranking includes such unicorns as Revolut, Monzo, and Curve.
The source quoted an ID Finance spokesperson as saying that the company will use the new investment for project scaling-up in Brazil and Mexico.
Set up in 2012 by Boris Batin and Alexander Dunaev, alumni of the Universities of Cambridge and of Warwick, respectively, ID Finance develops apps for machine learning based online crediting. Financial Times lists the company among Europe’s fastest-growing companies in its FT1000 ranking.