PayU, the e-payments division of media group Naspers, has invested €110 million in German fintech startup Kreditech. The deal buys PayU a significant minority stake in the company, with Kreditech to provide its AI credit underwriting and loan management technology to PayU’s network of 300,000 merchants.
Just last March, Kreditech secured a Series C investment of $103 million, in which PayPal co-founder Peter Thiel participated. He is part of a growing roster of prominent investors backing the startup, including J.C. Flowers, Värde, HPE, Rakuten and the World Bank’s IFC.