The firm specialises in credit risk, risk analytics and predictive modelling, using bank transaction data. Its mission is to promote financial inclusion through its global credit risk score, by providing advanced data to optimise credit & risk decisions in a growing number of countries.

The company gives risk managers a real-time dataset to drive efficiencies, optimise decisions and drive lifetime value across the credit life cycle. With DirectID’s insights, decision makers can better assess risk regardless of age, location, and past credit performance.

James Varga, CEO and founder of DirectID, 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.

“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 funding provided will accelerate the market launch of the most advanced predictive models for credit & risk, built from open banking data. In addition, DirectID will expand their credit risk offering into new markets and accelerate the development of models for each stage of the credit life cycle, from originations through portfolio management to collections.

Peter van der Poel, managing director of Ingka Investments, said: “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.

“Open Banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future.”

The investment is the latest in a series of investments made by Ingka Investments. The aim is to strengthen Ingka Group’s core retail business by investing in innovative companies in areas such as digitalisation, customer fulfilment, fintech and sustainability, that support its ongoing transformation to become ever more affordable, accessible, and sustainable.