Ibancar, a Madrid, Spain-based provider of a consumer credit platform, has received a credit facility of up to € 10 million.
The tour was led by Knuru Capital.
The facility was led by global venture capital and private credit investor Knuru Capital and will allow the platform to fund its growing loan portfolio and continue its explosive growth trajectory. The facility will complement Ibancar’s existing and ongoing debt financing in the equity lending markets. The company intends to use the funds to scale quickly in Spain, expand its business in Mexico and launch other auto-related credit products.
Led by Founder and CEO Alex Melis, Ibancar provides an asset-based consumer credit platform that makes affordable online lending available to the entire social and credit spectrum of borrowers, bringing l ’emphasis on ethical and inclusive lending practices. Its use of cars as collateral also enables it to bring underbanked, unbanked and invisible credit borrowers into the online consumer credit market.
The company plans to announce an additional institutional debt facility of up to € 50 million in 2022 and is currently working on a capital increase of € 3 million to finance new product development and expansion on new markets.