smava, a Berlin, Germany-based loan platform, raised $16m in funding.
The round was led by Phenomen Ventures, with participation from existing investors Earlybird Ventures and Neuhaus Partners. In conjunction with the funding, Igal Weinstein, General Partner of Phenomen Ventures, will join smava’s Advisory Board.
The company intends to use the funds to accelerate growth, further develop its proprietary scoring technology, and hire new employees.
Led by Alexander Artopé, CEO and co-founder, smava is an online credit market that allows borrowers to obtain online credit (€1,000/€125,000) for a variety of projects, including car finance, debt restructuring or renovations, with investors financing these loans directly based on scoring technologies.
Customers can also benefit from free independent advice from experts of credit.
The company currently has more than 80 employees.