Kreditech, a Hamburg, Germany-based online direct lender and Point-of-Sale (POS) financing provider, secured €20m in equity financing.
The round was co-led by Runa Capital, German private investors, with participation from existing shareholders HPE Growth and Amadeus Capital Partners.
The company intends to use the funds to scale globally in the near-prime customer segment.
Founded in 2012 and led by David Chan, CEO, Kreditech provides a technology-enabled consumer lending platform combining non-traditional data sources and machine learning. The product offerings include a variety of consumer loans, as well as “Lending as a Service”, allowing partners to integrate Kreditech’s credit products via an API into their own platform and services.
The company currently employs more than 300 people across seven countries and is developing regional centers of excellence and tech centers in Poland, Romania and Thailand. It lends to customers in India, Poland, Russia and Spain.