FinovateSpring 2014 / Kreditech
Presenter Profile:
How they describe themselves: Kreditech is building the consumer-focused finance company for the 21st century. With its proprietary big-data scoring and underwriting technology, the Hamburg-based startup has built the foundation for personal finance products in emerging consumer finance markets. Customers can apply for short-term and long-term loans from €50 to €2,500, credit cards and other finance products in just a few minutes online or over mobile phones. Creditworthiness of a user is determined in less than a minute on the basis of up to 10,000 data points and loans are paid out automatically within minutes to a customer’s bank account, credit card or e-wallet.
How they describe their product/innovation: The self-learning proprietary algorithm scores an applicant’s creditworthiness within less than a minute. Without having to go to a bank, the customer can apply for his loan online or mobile, whenever and wherever. If accepted, the loan is paid out to their bank account within 10 minutes. Compared to traditional rating organizations like Schufa or FICO, the Kreditech Algorithm only studies the financial situation of the customer in the moment of the application and does not use historical data. The technology is therefore flexible and can quickly enter and adapt to new markets. There are 5 billion people in the world that have no access to financial products, and our technology is able to provide that to them.
Product Distribution Strategy: Direct to Consumer (B2C)
Contacts:
Press: Laurent Schüller, Head of PR & Brand Management, laurent@kreditech.com,
+49 0 40 605905 617
Website: kreditech.com
Twitter: @kreditech
HQ: Hamburg, Germany
Founded: February 2012
Product Demoed: Kredito24, K24, Zaimo
Product Launch: September 2012 (in first market Poland)
Metrics: 10,000 data points per loan application; less than 1 minute average decision time per loan application; >$15M revenue run rate (as of March 2014); >$55M issued loans run rate (as of March 2014); <10% average loan loss in all established, profitable core markets (Poland, Spain, Russia, Czech); industry average emerging markets: >30%; 70% – 90% growth per quarter; over 600,000 applications processed in total; various credit products available in Poland, Spain, Czech, Russia, Australia & Mexico; releasing further retail banking products in 2014 (e.g. Prepaid Credit Cards, e-Wallets); over 80 full-time employees from 26 different countries; Kreditech is launching in 4 to 6 countries in 2014; company (groupwide) profitable by Mid 2014; $22.5M raised by most influential European business angels (Samwer Brothers, Michael Brehm, Stefan Glaenzer, Heiko Hubertz, etc.) and fonds (Global Founders Capital, Point Nine Capital, Kreos Capital, Greycorp, etc.)
Presenters: Sebastian Diemer (CEO & Founder),
Alexander Graubner-Müller (CTO & Founder)
- Key Executives
Sebastian Diemer (CEO & Founder), Alexander Graubner-Müller (CTO & Founder), Tobias Reisberger (COO), Rene Griemens (CFO), Daniel Schlotter (CMO), Oliver Schimek (CIO)
Key Stats
- Key Board Members
Heiko Hubertz, Sebastian Diemer (Kreditech), Alexander Graubner-Müller (Kreditech), Jon Soberg (Blumberg Capital), Pawel Chudzisnki (Point Nine Capital)
- Key Investors
Point Nine Capital, Kreos Capital, Blumberg Capital, Global Founder Capital, Heiko Hubertz, Young Brains, Michael Brehm, Stefan Glaenzer, Felix Haas, Grey Corp