Germany-based Kreditech Bags $40M at $190M Valuation
June 25, 2014
Big Data finance company Kreditech has closed a $40 million Series B funding round at a valuation of $190 million. The round was led by Varde Partners and existing backer Blumberg Capital, and included participation from Point Nine Capital and other investors. Kreditech extends loans to individual customers across the globe in real-time using a fully automated credit scoring system and banking backend infrastructure. The company, which operates independently from credit bureaus and traditional banking infrastructure, has scored more than 1.5 million individual loans in the past 20 months. Founded in 2012, Kreditech has grown to more than 140 employees, managing 11 financial services products in seven countries. The company will use the investment funds to broaden its existing product portfolio and accelerate geographical expansion.