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Scots Fintech Clinches £7.9m Investment from IKEA Store Owner
Specialising in credit risk, risk analytics, and predictive modelling, DirectID provides advanced data that optimises credit and risk decisions.
Edinburgh-based fintech firm DirectID has secured investment of nearly £8 million from the Ingka Group, owner and operator of most IKEA stores.
With the funding, the Scottish firm is seeking to expand its credit risk offering into new markets, and advancing the development of models for each stage of the credit lifecycle.
The Ingka Group’s acquisition was made through its Ingka Investments arm — and is the latest in a series of investments made to strengthen the Group’s core retail business, supporting its goal to being continually “affordable, accessible, and sustainable.”
On the fintech’s cash injection, Peter van der Poel, Ingka Investments’ Managing Director, said: “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.”
James Varga, the CEO and founder of DirectID, added: “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.”
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This time last year, DIGIT named DirectID as one of Scotland’s February 2022 movers and shakers: they’d recently announced seven new hires off the back of a $3 million (£2.4m~) bridge funding round, led by Hong Kong-based venture capital fund QBN Capital.
