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Kreditech - © Kreditech

Kreditech gets 40 million euro of venture capital

Using big data and complex machine-learning algorithms, the Hamburg start-up Kreditech makes faster, better credit decisions. The technology identifies and scores individuals online in seconds and decides over an instantly paid out loans based on 15,000 dynamic data points.

With this concept, the Hamburg-based big data start-up recently secured 40 million euro of fresh funds from of venture capitalists. Largest contributor among the investors is Värde Partners from Minneapolis. The U.S. investment company manages investment assets of approximately 8.5 billion US dollar. According to Kreditech chief Sebastian Diemer, it was the largest sum ever assembled in Germany for financial services in the sector of technology companies.

Advancing digital lending

Using an advanced proprietary scoring technology, Kreditech revolutionises the world of online financial services. Contacting clients via Facebook, SMS, mobile App or web platforms, customers are offered online loans and additional financial products such as pre-paid credit cards, installment loans, and e-wallets of the brands “Zaimo“ und “Kredito24” in Poland, Spain, Russia, the Czech Republic, Peru, Australia, and Mexico. In these countries, Kreditech offers consumer loans of up to 500 euro with a maturity of 30 days, and up to 2, 500 euro in Poland for one year.

With the fresh capital, the young Hamburg company now wants to expand to other countries. Later this year, Romania and the Dominican Republic are to be added to the portfolio. Since the beginning of 2014, Kreditech has also been active in Australia. For far, Kreditech has been granting online credits to private users with a total volume of 75 million euro. All country platforms are managed by an international team based in Hamburg. Kreditech was founded in January 2012 by Sebastian Diemer and Alexander Graubner-Müller. him

www.kreditech.com

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