Ibancar raises up to € 10 million credit facility led by Knuru Capital

0


Ibancar raises up to € 10 million credit facility led by Knuru Capital

By Edlyn Cardoza

Today

  • Consumer credit platform on assets
  • B2C
  • C2C

Ibancar, the wealth consumer credit platform, signed its first line of institutional debt for € 10 million. The company is growing rapidly in Spain and now plans to expand its business in Mexico and launch other auto-related credit products.

The facility was led by global venture capitalist and private credit investor Knuru Capital. This will allow the platform to fund its growing loan portfolio and continue its explosive growth trajectory. The facility will complement Ibancar’s existing and ongoing debt financing in the equity lending markets, where it has built one of the strongest origins as an originator providing high returns to investors with exceptionally low credit losses.

In 2021, the platform experienced exceptional growth in revenue by 3 over one year and growth by 4 in loan issuance while keeping write-downs below 3% of revenue.

Ibancar, a scale-up FinTech company, focuses on digital car title lending that allows borrowers to get loans based on the value of their car. The proprietary platform is 100% digital and remote and can offer cheaper, longer, and longer loans than most other online lenders. The platform aims to provide an ethical alternative to millions of borrowers using expensive unsecured online loan products like payday loans. Its use of cars as collateral also brings underbanked, unbanked, and credit borrowers invisible in the online consumer credit market.

The digital platform Ibancars has been very successful in the Spanish market, where it issued 7 million euros in loans and also proved its resilience by continuing to perform and generate significant growth without credit losses during the crisis. COVID.

Alex Melis, Founder and CEO of Ibancar, said: “We believe that most of the products in the online consumer credit market do not solve the borrower problem and the only way to solve this problem is to offer longer, larger, cheaper and more transparent loans. The only inclusive and ethical way to provide such loans is through the use of collateral. We are extremely proud of our success and plan to expand our product offering to include car-backed credit cards as well as B2C and C2C secure automotive financing for markets. We also intend to launch Ibancar in Mexico in 2022. ”

The company plans to announce an additional institutional debt facility of up to EUR 50 million in 2022 and is currently working on a capital increase of EUR 3 million to finance new product development and expansion into new markets. .


Previous article

CVDB goes online on ICS Banks Universal Banking solution from ICSFS

Read more

News IBSi Prime

card data

December 27, 2021

Consumer credit platform on assets

Industry experts hail RBI’s expansion of card tokenization

Read more

  • Daily insightful news analysis
  • Weekly overviews of industry offers, events and information
  • In-depth industry analyzes of the hottest FinTech trends
  • Exclusive interviews with senior executives who shape the industry
  • Profiles of the industry’s most influential established and emerging companies
  • Global FinTech Weekly Use Cases
  • Graph of the week organized by the IBSi research team

Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly number
  • Over 60 pages of research, analysis, interviews, opinions and rankings
  • Global coverage

Subscribe now


Share.

About Author

Comments are closed.