Ikea group invests in Scottish fintech firm DirectID
DirectID, the Edinburgh-based fintech firm specialising in credit risk, analytics and predictive modelling, has received €9 million (£7.92m) from the investment arm of the Ikea group.
Ingka Investments will take a minority stake in the Scottish company, enabling it to accelerate the market launch of its most advanced models.
It will also expand its credit risk offering into new markets and accelerate the development of models for each stage of the credit life cycle.
James Varga, CEO and founder, said: “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.”
Peter van der Poel, managing director of Ingka Investments, said DirectID had 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.”
He added: “Open banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future.”