Ibancar, a Madrid, Spain-based provider of a credit platform for consumers, received a debt facility up to an amount of €10m.
The round was led by Knuru Capital.
The facility has been led by global venture capital and private credit investor Knuru Capital and will allow the platform to fund its growing loan book and continue its explosive growth trajectory. The facility will complement Ibancars existing and ongoing debt funding from crowdlending marketplaces. The company intends to use the funds to scale fast in Spain, expand its activity to Mexico as well as launch other auto related credit products.
Led by Alex Melis, founder and CEO, Ibancar provides an asset based consumer credit platform that makes affordable online loans available to the full social and credit spectrum of borrowers with a focus on ethical and inclusive lending practices. Its use of cars as collateral also allows it to bring underbanked, unbanked and credit invisible borrowers into the online consumer finance market.
The company plans to announce an additional institutional debt facility of up to €50m in 2022 and is currently working on a €3m equity raise to fund the development of new products and expansion into new markets.