Ex-Deutsche Bank bankers' lender raises €545M to scale Spanish BNPL app Plazo
What's the deal? Barcelona-based ID Finance raised €545 million (≈$608 million) in a mix of debt and equity to shift from short-term lending to a buy-now, pay-later service. Commitments came from i80 GroupDealroom has a profile for this one. Try Dealroom →, Kingsway CapitalDealroom has a profile for this one. Try Dealroom →, Spice ExpeditionsDealroom has a profile for this one. Try Dealroom →, and WashUDealroom has a profile for this one. Try Dealroom →, with i80 providing asset-based financing secured by the lender's receivables.
Who's behind it? Former Deutsche Bank bankers Boris Batine and Alexander Dunaev founded ID Finance in 2012. Batine, now chief executive officer, previously worked at Renaissance CapitalDealroom has a profile for this one. Try Dealroom → and the Royal Bank of ScotlandDealroom has a profile for this one. Try Dealroom →; Dunaev, chief operating officer, led structured products for Central and Eastern Europe at Deutsche Bank.
By the numbers: ID Finance reported €243 million in group revenue in 2025 and says it is profitable. PlazoDealroom has a profile for this one. Try Dealroom →, launched in 2021, reached bottom-line profitability last year as revenue grew 300%, and the company expects its credit portfolio to hit around €200 million.
What's the money for? The equity portion will drive Plazo's growth in Spain, while i80's financing expands the credit portfolio. The company declined to disclose the split or specific valuation figures.
Why it matters: ID Finance calls this one of the biggest funding rounds ever raised by a Spanish fintech, beating the €410 million seQura raised in November 2024. The round ranks in the top 1% by size among 487 late-stage venture deals in Spanish enterprise software.
The track record: ID Finance has long funded its loan book through debt. Kingsway led a €30 million convertible round in March 2023 with a €235 million valuation cap; i80 provided $150 million in February 2024, its largest financing to date. In March 2026, ID Finance SpainDealroom has a profile for this one. Try Dealroom → increased its eurobond by €20 million to €60 million, carrying 12% annual interest and due September 2028.
The signal: "ID Finance has done a tremendous job of managing risk while growing the portfolio," said Peter Frank, managing director at i80. As incumbents and startups race to modernise consumer credit in Europe, profitable lenders with proven books are commanding the sector's largest cheques.
Read more: Tech Funding News
Image credit: ID Finance
