ID Finance has just launched its neobank in Spain called Plazo, the first in the country that integrates transactional solutions with customized flexible credit and payment services in an app, according to the fintech company. With Plazo, ID Finance aims to respond to the demand for flexible solutions for deferring payments and accessing small credit lines.
According to a market study conducted by ID Finance in which thousands of people participated, the fintech company claims to have detected a market opportunity valued at more than $453 billion (€400 billion) in Southern Europe and Latin America, with almost 500 million people who could benefit from Plazo’s financial solutions, the application explains.
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ID Finance will also enter the market in Mexico
The fintech company explained that thanks to the technological expertise that ID Finance possesses, together with its know-how in credit management solutions based on artificial intelligence and machine learning, it has allowed it to develop in a few months a neobank that already has more than 30,000 users.
“Plazo is the only Spanish neobank that combines a commission-free Mastercard debit card with different payment deferment alternatives and credit lines offered through ID Finance Spain, another ID Finance group company,” explained the technology firm.
After the launch of this neobank, which will have an electronic money license specialized in credit solutions in Spain, ID Finance now aims to extend its activity in Mexico, the second market in which it will operate. In fact, ID Finance has already been operating in the country for more than four years through other of its brands.
Alexander Dunaev, co-founder and COO of ID Finance, commented, “At ID Finance we treasure a solid experience in credit management and solutions. Since 2015, we have processed 9 million credit applications internationally, so we know our customers’ needs very well. All this acquired expertise now leads us to take a step further to promote a digital platform that offers a wide range of financial services designed to meet the daily needs of millions of people. Our goal is to provide maximum financial peace of mind. This is only possible thanks to our technological know-how, which leads us naturally towards the consolidation of a disruptive neobank that integrates savings, payment and credit solutions.”
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First published in CincoDias, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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