ID Finance revels in 97% revenue growth
Barcelona-based data science and credit scoring firm ID Finance has reported 97% revenue growth and revenues of $90.1 million for the first half of 2018.
According to the company, this follows growth of its Latin America and European operations. It issued $141 million in loans in the first six months of the year, a 78% increase on the same period last year.
Boris Batine, co-founder and CEO, ID Finance, says the result “reflects the investment choices we have made allowing us to grow our LatAm operations, our product portfolio and to focus on serving our growing near prime customer base with longer term loan solutions”.
Founded in 2012, ID Finance operates in seven countries across CIS region, Europe and LatAm with its R&D located in Belarus’ Hi-Tech Park.
The company has increased its headcount by 17% from c. 550 to c. 650 staff across its operations and has grown its customer base by 1.2 million to almost six million registered users.
In March, it incorporated behavioural biometrics into its artificial intelligence (AI) based fraud scoring engine.
The firm says across all of its businesses the financial impact of the biometric authentication system is an estimated $2.8 million for 2018.