Ingka Group Invests £9m in UK Fintech DirectID #
Ingka Group, the world’s largest furniture retailer, has invested £9m in UK fintech DirectID. The funding was provided through Ingka’s investment arm, Ingka Investments, and will help accelerate the market launch of DirectID’s product offerings, expand the company’s credit risk services into new markets, and develop new credit risk models across the credit life cycle from origination through to portfolio management and collections.
DirectID specializes in risk analytics, predictive modelling, and credit risk services using bank transaction data. The company’s platform provides real-time datasets to help drive efficiencies and optimize decisions for risk managers across the credit life cycle.
In a statement, DirectID said that the funding will also enable the company to expand its team and bolster its product development, as well as supporting its efforts to become a leader in the rapidly evolving fintech landscape.
Quintin Stephen, CEO of DirectID, said: “We are thrilled to have the support of Ingka Investments as we embark on the next phase of our journey. Their investment and guidance will help us to build upon our existing success and accelerate our growth as we seek to help customers across the globe to achieve their financial goals.”
Ingka Investments' investment in DirectID comes as part of a wider trend of large corporations investing in fintech start-ups, as they seek to stay ahead of rapidly changing technologies and consumer preferences.
The investment also follows a recent report that found neobanks are outpacing legacy banks in European customer adoption of super apps and banking apps, suggesting a growing demand for digital banking services and fintech solutions.
Ingka Group’s investment in DirectID demonstrates a strong commitment to driving innovation and staying ahead of the curve in the fintech industry. As the sector continues to evolve at a rapid pace, partnerships and investments such as these are likely to play an increasingly important role in shaping the future of finance.