ID Finance Spain reports solid financial results in May

22.07.2019

mintosblog

ID Finance currently offers you the opportunity to invest in loans from three countries – Spain, Mexico and Kazakhstan. Today the company wants to give investors on Mintos an update on its financial performance in Spain, which is one of its top regions.

In May of this year, ID Finance Spain reported a net profit of USD 0.7 million during the month. It also achieved a 9.4% month-on-month growth for net income and year-to-date growth of more than 50% by the end of the month.

In May, the profitability of the loan originator continued to improve. During the month it noted a 14% net income margin, which translates to USD 2.6 million for the first five months of 2019.

The share of instalment loans increased to 52% in May 2019 from 47% in February 2019. Besides these financial accomplishments, ID Finance Spain successfully completed an audit with Ernst & Young.

ID Finance Spain Mintos Rating upgrade

The company’s solid performance in Spain was reflected in a recent decision by Mintos. ID Finance’s Spain Mintos Rating was upgraded from B- to B. This is because ID Finance in Spain has shown significant improvements in profitability at the end of 2018 and the first quarter of 2019. As a result, the company has strengthened its market position in Spain.

ID Finance is a pioneering fintech company in emerging markets. Founded in 2012 and headquartered in Barcelona, ID Finance is now among the largest online consumer lenders Europe, trusted by both private and institutional investors around the world.

The company uses machine learning and advanced data science techniques to improve access to competitive financial services. The company has over 400 staff spread across its operations.