Barcelona–based ID Finance, a fintech that operates in Europe and Latin America, has raised over €1.7 million in crowdfunding within minutes of its campaign going live on Crowdcube, amidst strong demand from investors. The data science, credit scoring and digital finance company has a target of €2.3 million.

ID Finance’s proprietary risk management system uses machine learning and advanced data science techniques to provide competitive financial services to the underbanked and help customers build their credit profile. Anyone with a smartphone in Spain, Brazil and Mexico can apply online for a loan via its Moneyman and Plazo brands, regardless of their credit history. The process is fast, transparent and hassle-free.

The company has a well established global team and over 3 million users, with over 40,000 new users joining each week. It is on track to double revenues this year to €90 million – up from €13 million in 2017 – and is targeting over €267 million in revenue by 2021, with the goal of becoming the number one digital lending platform in Hispanic and Latino markets.

“We’re delighted to welcome these investors on board as we continue on our mission to address the underbanked,” said Boris Batin, CEO and co-founder at ID Finance. “We have industry-leading technology, a financially prudent business model and a well established international team ready to scale in some of the most exciting markets for fintech.”

ID Finance was recently selected by Euronext, owner of the Paris Stock Exchange, for its IPO program. The TechShare program is designed for technology companies and helps to prepare them for potential entry into the stock exchange.

“We’re not at all surprised by the high level of investor interest,” said Luke Lang, co-founder and CMO of Crowdcube. “ID Finance has a proven track record and operates in the dynamic Spanish and Latin American markets for fintech – a sector that is attracting huge interest with investors coming to Crowdcube.”

Fintech startups in Latin America received over 50% of yearly investment dollars across the region according to CB Insights. Those investing in fintech companies in the region include Goldman Sachs, Morgan Stanley, Victory Park Capital, Santander InnoVentures, Softbank and Tencent.

According to the World Bank 61% of Mexico’s population is excluded from the traditional banking system, while 40% of Brazil’s 207 million population are underbanked. Brazil has an estimated revenue pool of $24 billion for fintech companies over the next 10 years, with payments, lending and personal finance the most promising segments according to Goldman Sachs. Meanwhile Finnovista, a fintech startup accelerator, has predicted that fintechs could take up to 30 per cent of the Mexican banking market over the next decade.

ID Finance was formally split from its operations in Russia, the CIS region and Eastern Europe (which has became IDF Eurasia) last year.