ID Finance, the emerging markets fintech company, has strengthened its board with the appointment of Kieran Donnelly, ex-CEO of, 4finance, as a board advisor.
The appointment will support ID Finance as it continues rapid expansion and further diversification of its business.
Mr. Donnelly served as CEO at 4finance, the European online and mobile consumer lending group for three years. He brings over 30 years of management experience to ID Finance having also held senior roles at Standard Bank Group, MDM Bank and Renaissance Group.
“Kieran brings a very strong understanding of this space and what it takes to be a leader in alternative lending,” ID Finance co-founder and CEO Boris Batine said. “He also brings a wealth of experience in both developed and emerging markets. We’re confident he will help us to take ID Finance to the next level in terms of global expansion.”
ID Finance group is a data science, credit scoring and digital finance provider. It was established in 2012 and now operates in Spain, Kazakhstan, Georgia, Poland, Russia, Brazil and Mexico. It has more than 3.8 million registered customers and has so far issued more than 1.1 million loans worth USD 300 million.
“I’ve been extremely impressed by the integrity of ID Finance’s leadership team, who brings exceptional attention to detail as well as a fascinating vision for the business,” Mr. Donnelly said. “Their track record to date is also testament to their ability to execute to plan.”
ID Finance moved its headquarters to Barcelona last year and has more than 400 staff in Spain, Georgia, Russia, Kazakhstan, Belarus, Poland, Brazil and Mexico. It saw 92 per cent revenue growth in the first nine months of 2017 following continued diversification across products and its successful expansion into the Brazilian and Mexican online lending markets. It is now issuing more than 60,000 loans each month with monthly revenue of $15 million.
According to Goldman Sachs, Brazil has an estimated revenue pool of $24 billion for fin-tech companies over the next 10 years, with payments, lending and personal finance the most promising segments. Meanwhile, fin-tech startup Finnovista believes that fintech startups could take up to 30 per cent of Mexico’s banking market in the next decade.
“There’s a huge opportunity for alternative lending in underserved markets such as Brazil and Mexico,” Mr. Donnelly said. “These are incredibly exciting markets for the digital finance sector.”