Barcelona's ID Finance raises €545 million in debt and equity to grow Plazo

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ID Finance, the Barcelona fintech run by Boris Batine (CEO) and Alexander Dunaev (COO), has raised €545 million. That makes it the largest round yet for a Spanish start-up, ahead of the €500 million Multiverse Computing raised. The record does come with a quieter word attached, which is debt. The company has not disclosed how the total splits between debt and equity. One account puts roughly €500 million as structured financing from i80 Group, secured on the company's receivables, and about €45 million as equity. The other backers are Kingsway Capital, a London manager with about $3.4 billion, Spice Expeditions and WashU, the investment fund of Washington University in St. Louis. For a consumer lender, borrowed money is less a source of funding than the stock on the shelves. A record made mostly of it is less strange than it first looks.

The money is meant to grow Plazo, an app launched in 2021. It combines an account, a dual card and credit lines of up to €5,000. Since July 2026 it has also offered Turrón: an e-money account, a debit card and interest-free instalments at partner merchants, online and in shops. In 2025 Plazo passed 400,000 customers, tripled its portfolio, reached net profitability and lifted revenue by 300%. The company expects the app to grow another 300% in 2026. Group revenue was €243 million in 2025, and profit nearly doubled. Dunaev called the deal "a strong vote of confidence in Plazo."

Before this round, ID Finance had raised €253 million across seven deals. In March 2023 Kingsway led a €30 million convertible loan with a €235 million valuation cap, a deal that needed Spanish government approval. In February 2024 i80 provided $150 million in debt financing, the largest sum it had ever committed. In March 2026 ID Finance Spain added €20 million to its eurobond, bringing it to €60 million at 12% a year, due in September 2028. The founders previously built the online lender MoneyMan, and both worked at Deutsche Bank. The company declined to discuss valuations.