Kreditech, a Hamburg, Germany-based fintech company, received a €110m investment from global online payment service provider PayU.
Through this major growth financing, PayU has acquired a significant minority stake in Kreditech, joining existing investors JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten and the World Bank’s IFC.
As part of the deal, Kreditech and PayU agree a global partnership to deliver a joint proposition for Point of Sale Finance. The agreement combines PayU’s international presence with Kreditech’s technology to bring innovative credit services to underbanked markets around the world.
Kreditech will expand its Lending as a Service (LaaS) offering and deliver its AI and machine-learning credit underwriting and loan management technology to PayU’s 300,000-strong network of merchants.
The announcement follows a pilot program managed by Kreditech and PayU, offering Polish consumers improved access to credit in a real-time online process. The program issued more than EUR 10 million in credit.
Founded in 2012 by Alexander Graubner-Müller, CEO, Kreditech combining non-traditional data sources and machine learning to provide consumer loans, a digital wallet and a personal finance manager for customers to manage their credit score and plan their spending. Kreditech also offers a “Lending as a Service” model, allowing partners to integrate Kreditech’s credit products via an API into their own platform and services.
The company, which covers more than 5 markets worldwide, amongst others Russia, Mexico, Spain and Poland, has processed more than four million loan applications through its subsidiaries.
It has a team of nearly 400 people.
FinSMEs
10/05/2017