ID Finance, the Barcelona fintech behind Plazo, closes the largest round ever by a Spanish startup: €545 million
Barcelona fintech ID Finance (Plazo) announces €545 million in equity and debt, above Multiverse Computing's €500 million record. What it does, who invests and why it matters.
By Marc Nieto
ID Finance, the Barcelona fintech behind the Plazo app, announced €545 million in financing on 15 October 2026. It is the largest round announced by a Spanish startup, above Multiverse Computing’s €500 million. Most of it is asset-backed debt to fund loans, with a smaller equity portion.
At a glance
Who: ID Finance, founded in Barcelona in 2015 by Boris Batine and Alexander Dunaev. Its product is Plazo.
How much: €545 million, combining equity and asset-backed debt.
Investors: Kingsway Capital (UK), i80 Group (US, the debt portion), Spice Expeditions and WashU.
Numbers: over 400,000 customers, €243 million revenue in 2025 and profitable since that year.
What Plazo is
Plazo is a financial app combining a free online account, cards and flexible financing: credit lines of up to €5,000 and instalment payments online and in store. The company says an account can be opened in under 10 minutes. It operates in Spain and Mexico.
Why the round is so large
In lending fintechs, most of the money does not go to the company but is lent to its customers. That is why these rounds combine:
Equity: investors buy a stake and fund growth (team, product, marketing).
Asset-backed debt: a fund lends money that the fintech uses to grant loans; the loans themselves act as collateral.
For ID Finance, i80 Group’s debt is the main component. Read the figure that way: €545 million does not mean €545 million of equity investment.
The numbers behind it
According to the figures published with the announcement:
€253 million raised across seven previous rounds.
Over 400,000 customers.
€243 million revenue in 2025, the year the company became profitable.
The loan book tripled in 2025 and the company expects strong growth in 2026.
Boris Batine and Alexander Dunaev, ID Finance founders. Image: ID Finance
What it says about Barcelona
The deal comes in a strong year for Spanish startup investment, with more than €4.3 billion raised by October according to figures cited in the press, close to the 2021 record. And it confirms something we saw at DEXT FORCE 2025: Barcelona produces not only consumer and travel startups but also profitable fintechs competing with banks in lending and payments. Our DF25 recap covers the institutional investment panel and the founders who talked about their first million.
Frequently asked questions
Is it the largest round ever by a Spanish startup?
It is the largest amount announced, above Multiverse Computing’s €500 million. Note that most of it is debt to fund loans, not equity.
Where does Plazo operate?
In Spain and Mexico.
Is ID Finance profitable?
According to the company, it became profitable in 2025, with €243 million in revenue.
Is your startup raising or keen to take the stage at DEXT FORCE 2027? Get in touch via Partner with us or join the waitlist.
DEXT FORCE 2025 at Barcelona's Poble Espanyol: the full finance, crypto, AI and startups programme, who spoke, how the after party went and what comes in…
By Marc Nieto