Ibancar in a €10 million debt deal backed by Knuru Capital.

Ibancar, a Madrid, Spain-based finacinal startup building a credit platform for consumers, announced that it received a debt facility up to an amount of €10 m.

The money was raised from Knuru Capital.

The proceeds will be used to fund the company's loan book and continue its growth trajectory. The facility will complement Ibancars existing and ongoing debt funding from crowdlending marketplaces. The company intends to use the funds to scale fast in Spain, expand its activity to Mexico as well as launch other auto related credit products.

Ibancar, founded by CEO Alex Melis, built an asset based consumer credit platform that makes affordable online loans available to the full social and credit spectrum of borrowers with a focus on ethical and inclusive lending practices. Its use of cars as collateral also allows it to bring underbanked, unbanked and credit invisible borrowers into the online consumer finance market.