Spanish fintech platform Ibancar increases credit line of up to 10 million euros under the leadership of Knuru Capital
MADRID, December 22, 2021 / PRNewswire / – Ibancar, the asset-based consumer credit platform, has signed its first institutional credit facility for € 10 million. The business quickly scales in Spain and is now planning to continue its operations Mexico as well as other auto-related loan products.
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 Ibancar’s existing and ongoing debt financing through crowdlending marketplaces, where the company has built one of the strongest origins track records and offers investors high returns with exceptionally low credit losses.
In 2021, the platform saw exceptional 3x year-over-year revenue growth and 4x growth in lending while impairments remained below 3% of revenue.
Ibancar, a fintech company in scale-up mode, is focused on digital car loans that offer borrowers the option to obtain loans based on the value of their car. The proprietary platform is 100% digital and remote and can offer cheaper, bigger and longer loans than most other online lenders. The platform is designed to provide an ethical alternative to millions of borrowers currently using expensive unsecured online loan products such as payday loans. Using cars as collateral also enables it to bring borrowers with and without bank accounts and invisible borrowers into the online consumer finance market.
Ibancars’ digital platform has proven extremely successful in the Spanish market, where it has received € 7 million in loans.
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’s problem and the only way to solve this problem is by offering longer, bigger, cheaper and more transparent loans. The only inclusive and ethical way to provide such loans is through the use of collateral. We are very proud of our success and plan to expand our product offering to include auto-secured credit cards as well as secure B2C and C2C car finance for marketplaces. We also intend to put Ibancar in Mexico in 2022. “
The company plans to raise an additional institutional credit facility of up to $ 50 million in 2022.
Ibancar is a fast growing fintech lending platform that is transforming consumer credit by bringing fast, affordable online loans to the full social and credit spectrum of borrowers, with an emphasis on ethical and inclusive lending practices.
About Knuru Capital
Knuru is a venture investor pursuing technology equity and credit opportunities across the GCC. Africa and Southern Europe with a particular interest in the financial services industry and underserved markets.