ID Finance secures €545 million to expand its Plazo app
ID Finance secured €545 million in debt and equity for Plazo, with no disclosed split or valuation. Its investors page still shows €275 million raised.
Having tracked ID Finance since i80 Group’s early-2024 debt facility, the October 13 package reads as a consumer-credit warehouse, not a venture round. ID Finance said it has secured €545 million of debt and equity, led by Spice Expeditions, WashU, Kingsway Capital and i80 Group, to expand Plazo, its consumer finance app.
The announcement does not split equity from debt, name a valuation, or say how much of the €545 million is new cash rather than a larger asset-based line. Its investors page calls Barcelona its headquarters, already lists the October 13 item, and still shows €275 million of debt and equity raised and a €137 million Plazo gross portfolio. ID Finance does not reconcile either figure with the new package. Tech.eu noted the same day that the split was not disclosed.
What October 13 actually specified
The release says the proceeds will expand Plazo’s product suite and modernize Spanish consumer credit. Only i80 Group is tied to an instrument: asset-based financing. Spice Expeditions, WashU and Kingsway Capital are named as leads.
The package comes two years after a $150 million i80 Group debt financing in early 2024, used to grow Plazo’s credit portfolio. ID Finance does not say whether the new line replaces that facility or stacks on it. In 2025 the group reported €243 million of revenue and said profit nearly doubled, without stating the profit. Plazo reached bottom-line profitability, grew revenue 300% year on year and passed 400,000 users.
Alexander Dunaev, co-founder of ID Finance, said Plazo “tripled its portfolio in 2025 and reached profitability.” The €137 million portfolio on the investors page is undated, so it cannot be divided back through that line. The about page’s 2025 marker says the app “reaches monthly bottom-line profitability.”
Who spoke, and who has not
Tamir Saeed, managing partner at Kingsway Capital, said the firm had partnered with ID Finance “over the last few years” in Spain and Mexico. The release frames the proceeds around Spain and assigns none of the €545 million to Mexico. No bank, card scheme or instalment rival is quoted. The Bank of Spain is not described as approving the package.
“We’re delighted to deepen our relationship and increase the scale of the asset-based financing that will support Plazo’s next phase of growth as it continues to modernise consumer credit in Europe,” said Peter Frank, managing director at i80.
On the products page, Pecunia Cards EDE, S.L.U., an electronic money institution supervised by the Bank of Spain and registered as CSB 6707, issues the Plazo card. The revolving line sits with ID Finance Plazo S.L.U. The October release does not say the new money changes that split.
On September 11, nordIX agreed a separate €21 million debt facility for Spanish consumer loans. Claus Tumbrägel, a member of the management board of nordIX AG, called ID Finance “the clear market leader in digital consumer lending and the third lender we partner with in the country.” That comment is not about the October package, and nordIX is not among its named investors. The note also reported more than 3.7 million unique registered users in Spain, over €190 million of Spanish originations in the first six months of the year, and about €100 million of revenue.
The book under the headline
Plazo launched in 2021. On July 24, 2026, ID Finance launched Turrón by Plazo, an e-money account, debit card and Buy Now, Pay Later (BNPL) product. At partner merchants, purchases can split into interest-free instalments with no extra step in store or online. The company said the next task was signing more merchants.
With the new financing, ID Finance expects Plazo to grow another 300% in 2026 on artificial intelligence (AI) infrastructure. It does not say whether that 300% is revenue, portfolio or users. The investors page’s 10 million-plus users and €2.4 billion of lifetime originations are separate counts, as are the 3.7 million Spanish registrations.
One public price, then a test
On March 13, 2026, ID Finance Spain S.A.U. tapped its eurobond by €20 million, from €40 million to €60 million, at a 12% coupon paid quarterly through a September 2028 maturity. That 12% is the only debt price on the newsroom this year. The October package names no coupon, no equity price and no valuation. On the fintech desk, Homeward paired a Series D with a debt line, Lloyds lent PremFina £400 million, and finmid raised €17 million for Bolt and Skroutz lending.
i80’s money funds receivables, so a larger line will not by itself produce the further 300% ID Finance expects from Plazo in 2026. The constraint is merchants Turrón has yet to sign. Until ID Finance publishes the split, and says whether the €275 million on its investors page still stands, the €545 million is an undisclosed mix of cash and capacity.
Reporting by Rick Steves. Filed 17 October 2026, 08:36 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
