ID Finance Launches Turrón BNPL Card Through Plazo in Spain

The 2024 round was structured rather than equity, a category that typically includes debt facilities or revenue-based instruments with different implications for dilution and repayment obligations than a conventional venture round.

Spain’s BNPL market is maturing under the European Consumer Credit Directive revision that took effect in late 2023. The revision extended affordability checks and disclosure requirements to short-term instalment products that had previously sat outside the consumer credit framework. Any BNPL issuer operating across the EU now faces more granular creditworthiness assessment rules, which raise the compliance overhead for the automatic-split model Turrón uses. The underwriting decision must still be made before or at the point the card is issued rather than at checkout.

ID Finance is pursuing distribution through its existing Plazo user base rather than merchant-led acquisition, the model adopted by standalone BNPL providers embedded at checkout by e-commerce platforms. Whether that base provides enough transaction volume to attract a competitive merchant network at scale is the commercial question Turrón’s first operating year will test.

Near-term milestones to watch are the number and category of partner merchants signed, whether ID Finance pursues a similar rollout in Mexico, and any update on the full-year profitability target as the 2026 results season approaches.