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Kreditech receives funding from Kreos Capital IV

  • Kreditech has obtained a credit line of up to 7mn USD from Kreos Capital IV Growth Debt Fund
  • Funds will be used for scaling current markets
  • Launch in Mexico announced for September

Kreditech, the fast growing big data based consumer loan and scoring technology provider, today announces that it has obtained funding from Europe’s largest growth debt provider Kreos Capital. Kreditech has secured as a credit line of up to 7m USD.

The funding has been obtained from the Kreos Capital IV growth debt fund, which yesterday announced the final close of a 320mn USD growth fund. Besides Kreditech, other high-growth companies which have received funding include Openet, Heptagon, Westwing, and Solaredge. “We are successively moving to debt as the appropriate source of capital for refinancing our loan book”, says Sebastian Diemer, CEO of Kreditech, continuing: “This is a breakthrough innovation in a previously equity-financed business. It will be the foundation for further innovation in our refinancing strategy.”

Kreditech is currently operating in Poland, Spain, Czech and Russia and announces the expansion to Mexico in September. “Mexico is the perfect market for a credit scoring technology that works independently from credit bureaus – high internet population, a clearly observable switch from offline to online channels and a palpable absence of innovation in the fintech sector.”, says Javier Pimentel, Head of Internationalization.

Furthermore, Kreditech will expand to Australia (Q4) and 4 additional markets within the next quarters. Moreover, the B2B launch will take place in 2014 as well.

About Kreditech:
Kreditech is a real-time scoring technology that applies big data to many thousand data points in credit applications by individuals. This technology is applied in B2C for issuing online, SMS and Facebook microloans in real-time as well as for the establishment of a global “Scoring as a Service” database that provides scoring data without technical integration or contracts to third parties.

Kreditech operates offices in Hamburg, Warsaw, Barcelona, Moscow, Prague, Mexico City, Sydney and Kharkov and employes 65 professionals from 17 nationalities.

About Kreos Capital:
Kreos is the leading growth debt provider for high-growth companies in Europe and Israel. Since 1998, Kreos has committed more than EUR 1 billion of innovative debt financing solutions in over 300 transactions, with an emphasis on the UK, France, Germany, the Nordics and Israel. Having worked together for 15 years the Kreos team has built experience and relationships across multiple cycles. Kreos is dedicated to supporting management teams and equity sponsors in fast-growing companies with revenues up to EUR 150 million. Kreos’s flexible loan structures support growth capital and working capital financings across all stages, including acquisition, lower mid-market buy-out transactions and roll-up strategies as well as pre-IPO financings. With the final closing of Kreos IV, which is backed by top-tier institutional investors and has up to EUR 600 million of commitment capacity, the team is able to commit a further EUR 450 million (USD 600 million) to Kreos’s target market in the coming three to four years in addition to the EUR 150 million (USD 200 million) already committed.