DirectID, one of the leading FinTechs in Scotland, has announced it received a minority investment of €9m from Ingka Investments
IN BRIEF:
- DirectID's main objective is to promote financial inclusion worldwide through its global credit risk score, by providing advanced data to optimise credit and risk decisions
- The company provides risk managers with a real-time dataset that can drive efficiency, improve decisions and lifetime value across the credit lifecycle
- The funding received will help expedite the launch of DirectID's most advanced predictive models for credit and risk, built from open banking data. Additionally, the company plans to expand its credit risk offering into new markets and accelerate the development of models for each stage of the credit lifecycle, from originations through portfolio management to collections
What does this mean?
James Varga, CEO and Founder of DirectID, said: "we're proud to join Ingka Investments' portfolio of market-leading firms. We are excited to be shaping a new global standard in credit scoring that enhances people’s lives by enabling access to products they need in an affordable way. Our coverage, advanced insights and predictive models provide a unique opportunity to achieve this by creating the world's first real-time, inclusive, credit score based on open finance data."
