Ingka Investments has made a €9m minority investment in DirectID.
The Edinburgh-based fintech firm provides data to optimise credit and risk decisions.
The funding should accelerate the market launch of new predictive models built from open banking data.
DirectID will also expand its credit risk offering into new markets and accelerate the development of models for each stage of the credit lifecycle, from originations through portfolio management and collections.
Peter van der Poel, managing director of Ingka Investments, commented: “We are pleased to have made this investment in DirectID and are confident of their continued growth in the open banking market.
“They have 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.“
James Varga, founder and chief executive of DirectID, said: “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.
“Our coverage, advanced insights and predictive models provide a unique opportunity to achieve this by creating the world’s first real-time, inclusive, credit score based on open finance data.“
The investment is the latest in a series made by Ingka Investments, with the aim of strengthening the group's core retail business by investing in innovative companies in areas such as digitalisation, customer fulfilment, fintech and sustainability.
Ingka Group is the largest IKEA retailer and represents about 90% of its retail sales. It has three business areas: IKEA Retail, Ingka Investments and Ingka Centres.
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