Ingka Group, the owner and operator of most IKEA stores, said Wednesday it has invested 9 million euros ($9.6 million) in DirectID, a U.K.-based fintech specializing in credit risk, risk analytics and predictive modeling based on bank transaction data.
The company said the deal forms part of its strategy to strengthen the core retail business by investing in companies in areas such as digitalization, customer fulfillment, fintech and sustainability, that support its ambition to become more affordable, accessible, and sustainable.
DirectID provides advanced data to optimize credit and risk decisions, allowing better assessment of risk regardless of age, location, and past credit performance, it said.
Ingka has made the acquisition through its Ingka Investments arm, with the funding expected to help accelerate the market launch of advanced predictive models, expand the credit risk offering into new markets and accelerate development of models, it added.
See James Varga's LinkedIN post for more
The company said the deal forms part of its strategy to strengthen the core retail business by investing in companies in areas such as digitalization, customer fulfillment, fintech and sustainability, that support its ambition to become more affordable, accessible, and sustainable.
DirectID provides advanced data to optimize credit and risk decisions, allowing better assessment of risk regardless of age, location, and past credit performance, it said.
Ingka has made the acquisition through its Ingka Investments arm, with the funding expected to help accelerate the market launch of advanced predictive models, expand the credit risk offering into new markets and accelerate development of models, it added.
See James Varga's LinkedIN post for more