ID Finance: Best ESG Inclusive Finance Solutions Emerging Markets 2023

ID Finance has become the first carbon-neutral fintech in Spain and Mexico — and aims to replicate the success in other markets in the near future. In January 2022, the firm received the COMPENSO badge from the Spanish Ministry of Environment after an audited analysis of the greenhouse gas emissions generated by its operations. It offsets carbon emissions through reforestation work in Spain and conservation work in Mexico. The Barcelona-based fintech ranks among the fastest growing companies in Europe. In 2022, it achieved a 20 percent year-over-year increase in revenue. ID Finance has around six million users and keeps adding new users on a monthly basis. It launched Mexican operations in 2017 and had reached profitability within a year. In 2021, ID Finance launched its flagship financial wellness app Plazo aimed at offering seamless transactional, saving and credit solutions for people’s daily needs. Since its launch, it has onboarded over 120,000 customers — and counting. The Plazo account comes with a free debit Mastercard, no commission fees and attractive cashback rewards of up to 40 percent. Plazo also features AI chatbots to help clients find job opportunities, get extra income or improve their LinkedIn profiles. ID Finance also has an online lending platform that solves short-term cashflow needs through an automated lending service. It has become the top alternative lending brand in Spain and has issued more than €300m in loans. The CFI.co judging panel announces ID Finance as the 2023 global award winner for Best ESG Inclusive Finance Solutions.