Ibancar receives € 10 million in funding
Ibancar, a consumer credit platform provider based in Madrid, Spain, has received a credit facility of up to € 10 million.
The round was led by Knuru Capital.
The facility was led by global venture capital and personal loan investor Knuru Capital and will allow the platform to fund its growing loan portfolio and continue on its explosive growth path. The facility will complement Ibancars’ existing and ongoing debt financing through crowdlending marketplaces. The company intends to use the funds to grow rapidly in Spain, expand operations to Mexico, and launch other automotive-related loan products.
Led by Alex Melis, Founder and CEO, Ibancar provides a wealth-based consumer credit platform that brings affordable online credit to the full social and credit spectrum of borrowers, with an emphasis on ethical and inclusive lending practices. Using cars as collateral also enables it to bring borrowers with and without bank accounts and invisible borrowers into the online consumer finance market.
The company plans to raise an additional institutional credit facility of up to $ 50 million in 2022.
December 23, 2021