Kreditech, a Hamburg, Germany-based fintech company providing consumer financial services, raised €10m in funding.
International Finance Corporation (IFC), part of World Bank Group, made the investment, which brought the Series C round to a total of €92.7m, with participants including J.C. Flowers & Co., Peter Thiel, Amadeus Capital Partners and existing shareholders Värde Partners, Blumberg Capital and HPE Growth Capital.
The company will use the funds to continue to develop its Monedo platform, which provides both credit and digital banking products to underbanked consumers in emerging and developed markets.
Led by Alexander Graubner-Müller, CEO and co-founder, Kreditech combines non-traditional data sources and machine learning to score, underwrite and payout to underbanked people, those with little or no credit history. The product offerings include consumer loans, a digital wallet and a personal finance manager designed to help customers manage their credit score and plan their spending.
To date, the company has raised €314m in equity and debt and processed almost three million loan applications in its subsidiaries.