Creamfinance, a Latvian consumer finance provider with HQ in Warsaw, Poland, closed a €21m Series B financing.
Capitec Bank Holdings Limited made the investment and – in conjunction with it, will nominate up to two directors on Creamfinance’s board.
The company, which had raised a €5m Series A round from international venture capital fund Flint Capital, intends to use the funds to accelerate international expansion and introduce a full product portfolio in existing markets.
Founded in 2012 in Latvia by Matiss Ansviesulis, CEO, Creamfinance provides finance services which use data algorithms and machine-learning capabilities to evaluate and score in order to facilitate the personal loan process. The company, which currently operates in six countries both within and outside of Europe, employs 230 people.