The release Finextra carried on 13 October gives a big number and few details. ID Finance, which lends in Spain and Mexico, announced "EUR 545 million of debt and equity funding" from Spice Expeditions, WashU, Kingsway Capital and i80 Group. The last of these, the release says, is the one "who provided asset-based financing ". The money goes to Plazo, the group's consumer finance app.
The supporting figures are all company figures. "In 2025, the Group reported €243 million in revenue, while profit nearly doubled in the same period." Plazo turned profitable that year, with revenue up 300% and more than 400,000 users. I read those lines twice, slowly.
I went looking for the split and did not find it. Tech Funding News states that "the specific split is undisclosed", and Ascendants says the same. Both explain the intended logic: equity pays for Plazo's expansion, while i80's facility, secured on receivables, grows the loan book.
That changes how I read the headline. If most of the €545 million is a credit line, it is lending capacity drawn as loans are written, not cash in the bank on day one. Tech Funding News says a spokesperson "declined to comment on specific valuation figures attached to individual rounds or the 2023 Kingsway convertible cap." I suspect equity is the small slice. That is a guess, nothing more. Nobody has priced the equity publicly.
The loan book numbers help more than the headline. Tech Funding News and Ascendants both report a Plazo loan book of €137 million and a company target of about €200 million in 2026. Going from €137 million to €200 million is growth of about 46%. That is solid growth, not explosive growth.
Finextra's text promises far more than that. It says "Plazo is expected to grow another 300% in 2026, supported by AI-powered technology infrastructure." Tech Funding News adds that the company "has not provided any supporting figures" for that target. I cannot tell whether the 300% means revenue, users or the book. The €545 million is 2.7 times the €200 million target, so the facility looks sized for several years.
Two of the backers are repeat lenders. That reassures me more than the total. In early 2024, i80 Group provided $150 million of debt, and Tech Funding News calls it "the largest amount i80 has ever furnished." Peter Frank of i80 said: "ID Finance has done a tremendous job of managing risk while growing the portfolio." He wants to "increase the scale of the asset-based financing that will support Plazo's next phase of growth".
Kingsway Capital led a €30 million convertible loan in March 2023 with a €235 million valuation cap , a deal that needed Spanish government approval. Its partner Tamir Saeed now cites the "high growth and disruptive potential" of Plazo and Turrón.
The eurobond shows what debt costs this group. In March 2026, ID Finance Spain increased its eurobond by €20 million to €60 million. "The notes carry an annual interest rate of 12% and come due in September 2028." A borrower paying 12% on public notes does not get cheap money anywhere.
The growth bet is Turrón, launched in July 2026. It combines an e-money account, a debit card and a buy now, pay later option at partner merchants. ID Finance plans to sell it to existing Plazo users rather than at shop checkouts.
ID Finance calls the deal "one of the largest closed by a Spanish fintech in recent years". Tech Funding News says the company sees it as "beating the €410 million seQura raised in November 2024, the previous record." I would not rank mixed debt and equity rounds against pure equity rounds. A credit line makes any total look large.
The revenue, profit and user numbers come from the company, and I found no audited 2025 accounts in the sources I opened. Co-founder Alexander Dunaev called it "a strong vote of confidence in Plazo and in the model we've built to modernise consumer credit in Spain." Tech Funding News put the doubt more sharply: "it is not yet clear how much of that capital consists of debt, which will have to be repaid from a loan book that has only recently become profitable." I still do not know the price of the equity, or what i80 charges.