Kreditech, a Hamburg, Germany-based consumer finance technology company, raised €82.5m (US$92.2m) in Series C financing.
The round was led by J.C. Flowers & Co. LLC, with participation from Peter Thiel and Amadeus Capital Partners, which had invested earlier this year in a bridge loan that has now fully converted into Series C equity, as well as existing shareholders Värde Partners, HPE Growth Capital and Blumberg Capital. In conjunction with the funding, Loren Felsman of J.C. Flowers, will join Kreditech’s board.
According to a note, the company is in advanced discussions for a final closing that could increase the Series C round to over €100m.
Founded in 2012 by Sebastian Diemer (CEO) and Alexander Graubner-Müller (CTO), Kreditech delivers a range of custom-tailored financial services with a focus on underbanked consumers across the globe. Kreditech uses big data, proprietary algorithms and automated workflows to acquire, identify and underwrite customers within seconds. Since its founding, the company’s platform has scored more than two million individual loan applications, using up to 20,000 data points per application. Kreditech’s global subsidiaries offer products from individually tailored installment loans and microloans to payment and other financial services. The Monedo brand provides an integrated suite of financial products, including a digital wallet and a personal finance manager designed to help customers manage their credit score and plan their spending. Kreditech Group has a team of over 200 employees with over 40 nationalities.
FinSMEs
28/09/2015