Edinburgh-based DirectID, a fintech specializing in credit risk, risk analytics and predictive modelling using bank transaction data, announced that Ingka Investments has made a €9 million minority investment in the company.

Ingka Investments is the investments arm of Ingka Group, which owns most IKEA stores worldwide.

DirectID CEO and founder James Varga 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.”

Ingka Investments MD Peter van der Poel 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.”