Kreditech, a Hamburg, Germany-based consumer finance company, raised €10m in funding.
Rakuten, Inc. (TSE: 4755), a leader in internet services and global innovation headquartered in Japan, made the investment via the Rakuten FinTech Fund and Michael Piechalak will join the Board as an observer.
The company intends to use the funds to further develop its partnership business.
Founded in 2012 by Alexander Graubner-Müller, CEO, Kreditech combines non-traditional data sources and machine learning to provide access to credit. The company’s product offerings include consumer loans, a digital wallet and a personal finance manager designed for customers manage their credit score and plan their spending. Kreditech also offers a “credit as a service” model, allowing partners to integrate its credit products as payment method or funding source.