ID Finance raised 2.2 times its 2025 revenue for a lending app with 400,000-plus customers

FinTech Global says the transaction ranks among the biggest completed by a Spanish fintech in recent years ^[20]. The €243m of 2025 revenue behind it is the whole group's ^[8]. Plazo's growth is given only as a percentage, up 300% ^[10], and the announcements do not give its revenue in euros or the split between equity and debt, so the share of that revenue Plazo earns cannot be sized from outside ^[8][10].

The part of the evidence a lender has checked is i80's return. According to The Paypers, i80 is coming back as a lender and increasing the scale of its asset-based financing, and its managing director, Peter Frank, cited ID Finance's management of risk during the portfolio's expansion as a factor in deepening the relationship ^[13]. i80 has had two years of the earlier facility's performance to look at ^[3]; an outside reader has one year of growth rates. The counter-thesis is narrower: a repeat lender confirms repayment on the book it has seen, and the 2026 target describes a book it has not ^[19].

On that earlier facility, FinTech Global puts it at $150m ^[3] and The Paypers at about €138m ^[4]. The implied rate is 1.09 dollars to the euro ^[14], which points to one facility reported in two currencies, though neither outlet says so.

Read as an increase of 300%, Plazo's 2025 revenue growth is a quadrupling, and a second 300% in 2026 ^[19] would leave revenue at 16 times its 2024 level ^[17]. Co-founder Alexander Dunaev put the year differently. "Plazo tripled its portfolio in 2025 and reached profitability, proving that responsible, AI-driven underwriting and a genuinely better product experience can scale together," he said ^[11]. If "300%" means a tripling, the same two years compound to 9 times ^[18]. Revenue and portfolio are different measures, so both statements can be true, but the distance between 9 times and 16 times is wide.

Spread across the 400,000-plus customers ^[10], the package comes to about €1,360 each ^[16]. In our view the package rests on the 2026 target as much as on 2025 results ^[19]. If growth lands near that target, the customer base grows and the per-customer figure shrinks; if growth stalls, part of the debt line sits idle. We would revise this reading if Plazo's own revenue turns out to be most of the €243m ^[8], because then the 300% would sit on a large base.