ID Finance has secured EUR 545 million in debt and equity from Spice Expeditions, WashU, Kingsway Capital, and i80 Group.
Spain-based ID Finance, a fintech group operating in Spain and Mexico, has closed a funding round combining equity and debt, with participation from Spice Expeditions, WashU, and Kingsway Capital. Global investment firm i80 Group provided the asset-based financing component. The capital is allocated to Plazo, the group’s consumer finance app, which the company describes as a central element of its long-term strategy. According to the announcement, the funds will be used to broaden Plazo’s product range and build out its capabilities as ID Finance works to modernise the Spanish credit market.
Funding history and financial performance
The transaction follows a debt financing round of approximately EUR 138 million provided by i80 Group in early 2024, which ID Finance used to grow Plazo’s credit portfolio. With the latest deal, 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.
For 2026, ID Finance expects Plazo to grow by a further 300%, supported by AI-based technology infrastructure and additional financing. Alexander Dunaev, co-founder of ID Finance, at ID Finance linked Plazo’s results to AI-driven underwriting combined with its product experience, and described the investment as backing for the model the company has built for consumer credit in Spain.
ID Finance has recently introduced Turrón by Plazo, a payment product for online and in-store purchases. Turrón brings together an e-money account, a debit card, and a BNPL option in a single offering. Following the launch, the company’s focus has shifted to expanding its network of partner merchants.
The addition of BNPL extends Plazo beyond credit products into everyday payments. ID Finance presents this as part of its aim to establish Plazo as the default consumer credit platform for users in Spain.
Investor positioning and market implications
Kingsway Capital, which has backed ID Finance over the past several years, framed its continued participation around the company’s mission of extending access to financial services to consumers in Spain and Mexico. The firm identified Plazo and Turrón as the products driving the group’s next phase. i80 Group, for its part, stated that the expanded facility will support Plazo’s growth as it continues to modernise consumer credit in Europe.
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 was the case with the 2024 facility. For the Spanish market, the deal places additional capital behind a digital lender that combines credit, e-money, and BNPL within one app. Progress against the 2026 growth target and the build-out of Turrón’s merchant network will show how far that combined model can extend across online and physical retail.
