DirectID secures £7.9m from Ingka Investments to expand open banking credit models.
Ingka Investments provided the funding to support product expansion and market launch of new predictive models.
DirectID is a financial technology company offering credit risk analysis and predictive modelling tools derived from bank transaction data. The company aims to foster financial inclusion through an open banking platform.
DirectID has secured £7.9m in a minority investment from Ingka Investments. The capital will be deployed to accelerate the launch of predictive credit and risk models built on open banking data, expand into new markets, and enhance product offerings across the credit lifecycle.
The funding marks the latest addition to the portfolio of Ingka Investments, which targets innovative companies in sectors such as fintech and digitalization to support the broader transformation of Ingka Group. DirectID intends to leverage the backing to further develop its real-time credit scoring capabilities.
From the founder
"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."
James Varga
CEO and Founder at DirectID
Investor perspective
"We are pleased to have made this investment in DirectID and are confident of their continued growth in the open banking market. They have developed an innovative solution with the potential to complement and disrupt the traditional credit and risk market and help drive financial inclusion for more people. Open Banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future,"
Peter van der Poel
Managing Director, Ingka Investments
Use of funds
- 01Continue product development
- 02Expand into international markets
