Kreditech Raises $24 Million to Fuel Global Expansion

With FinovateEurope set to make its German debut next February, it is especially gratifying to hear that investors are voting with their dollars when it comes to identifying and backing innovative European fintechs.

Hamburg-based online lender and POS financing firm Kreditech announced late last week that it has raised $24 million (€22 million) in funding. The round, led by Runa Capital, takes the company’s total equity financing to more than $519 million, and will be used to deepen its presence in existing markets, especially in Asia.

“I am really excited about our growth plans in India,” Kreditech CEO David Chan said. “We hold a first-of its-kind digital NBFC (non-banking financial company) license in a large and fast-growing market. We have been successful in finding our niche and have established the right proof of concept. Now it’s time to scale up while a key target customer segment remains unaddressed by the competition.”

Also participating in the round were existing investors HPE Growth and Amadeus Capital Partners, as well as private German investors.

Kreditech specializes in offering financing products to “near-prime” customers. In 2014, the company made its Finovate debut, demonstrating how its self-learning, proprietary algorithm accurately assessed the creditworthiness of loan applicants in less than a minute. The technology leverages up to 10,000 current data points to provide better insights into the finances of underbanked applicants who might otherwise struggle to secure credit.

The funding news for Kreditech comes as the company previews its 2018 financial statement, to be released in October. Chan said that Kreditech was “on track” to hit profitability targets, and added that the company was up to the task of “rapid, profitable growth.” In its funding statement, the company noted that it is aiming for $1 billion euros in revenue by 2025.

With more than 300 employees in seven countries and lending operations in India, Poland, Russia, and Spain, Kreditech is also developing regional centers of excellence and tech centers in its native Poland, as well as Romania and Thailand. The company was founded in 2012.

Finovate Alumni News


  • Kreditech Raises $24 Million to Fuel Global Expansion.
  • Fiserv Delivers DNA to Duca Financial Services Credit Union.

Around the web

  • Overbond unveils COBI Sandbox to enable clients to test and build business use cases and prototypes.
  • In collaboration with open banking solution provider Crassula, Paysend launches its new business account Paysend Connect.
  • Worldline closes 36.4% stake acquisition in equens Worldline.
  • Moven parent company receives patent for financial wellness product.
  • Mastercard launches Threat Scan to assess bank fraud exposure.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Kreditech Looks to India for Expansion; Mexico’s Klar Scores $57.5 Million in Funding

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.


  • Singapore’s United Overseas Bank (UOB) partners with proptech innovator SoReal to launch SME property valuation solution.
  • Bank of China and IBM announces plans to collaborate on digital transformation, customer experience enhancement, and other innovations in financial services.
  • North Korea announces plans to develop its own cryptocurrency.

Sub-Saharan Africa

  • United Bank of Africa (UBA) inks deal with U.S.-based fintech Ovamba Solutions.
  • FairMoney picks up nearly $11 million in funding to help build a new digital bank in Nigeria.
  • Angolan e-commerce platform Roque Online wins Seedstars Luanda pitch contest.

Central and Eastern Europe

  • Bulgaria’s third largest bank by assets, Fibank, teams up with Mastercard and Garmin to launch new pay watch.
  • Commerzbank announces plans to sell Polish subsidiary mBank.
  • Warsaw, Poland’s The First News profiles Neontri (formerly Braintri).
  • National Bank of Romania unveils new fintech innovation hub.

Middle East and Northern Africa

  • The first digital business bank in the UAE, E20, goes live after 18 months in development.
  • Fintech Abu Dhabi announces strategic partnership with UAE Banks Federation.
  • Turkey’s Takasbank introduces blockchain-based, gold-trading platform.

Central and Southern Asia

  • Courtesy of a partnership with Amazon and Financial Software and Systems, United Bank of India launches voice-powered banking.
  • Sri Lanka’s Sampath Bank introduces new virtual teller machines in the country’s capital city of Colombo.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

Latin America and the Caribbean

  • Mexican alternative credit and debit services provider Klar raises $57.5 million in funding.
  • Mastercard brings its Tap on Phone payment acceptance solution to Costa Rica.
  • Brazilian fintech Creditas looks to lure away British technology talent disenchanted by Brexit.

Top image designed by Freepik

Finovate Alumni News

Around the web

  • Sezzle announces its availability via Visa’s CyberSource payment management platform.
  • Klarna to open its latest House of Klarna pop-up store in Manchester next month.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


Around the web

  • PaySimple announces latest payment integration with Profit Rhino’s selling app for home service companies.
  • The Financial Times ranks Transferwise, Kantox, Zopa Featurespace, Trustly, Kreditech on its FT 1000 list of Europe’s fastest growing companies.
  • Jumio and Insights Network partner to deliver “Passport” for blockchain projects.
  • LendingTree launches Credit Analyzer, a free credit and debt analysis tool.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Asia, Africa, MENA, Latin America, and CEE

With our first conference in Dubai last month, FinovateAsia back on the Finovate calendar and our first trip to Africa scheduled for later this year, Finovate VP Greg Palmer’s observation that “the sun never sets on the Finovate Empire”, rings all the more true.

Here’s a look at some of the latest fintech news from places where technological innovation helping create better life opportunities for those who need it help most.


  • Ayondo to list on Singapore Exchange.
  • Kreditech partners with PayU to launch PayU Monedo in India, which offers cardless EMI for online purchases.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.


  • Angola’s domestic payments processor EMIS migrates to EMV chip and pin courtesy of solution from Gemalto.
  • Standard Chartered Bank launches digital bank in Cote d-Ivoire
  • Partnership between Mastercard and Uganda’s M-Kopa brings QR payment technology to pay-as-you-go, pilot solar energy program.


  • Turkish digital wallet firm, BKM introduces payment-without-checkout shopping experience.
  • Riyad Bank in Saudi Arabia unveils contactless bracelets and stickers for tap-and-go shopping.
  • Entrepreneur India looks at how a Bahrain-based payments firm, Arab Fianncial Services, is taking its business to India.


  • Banking Technology: Banpro launches’s first Spanish-speaking virtual banking assistant.
  • Startupbootcamp Scale FinTech Mexico City introduces its inaugural cohort of startups: Billin from Spain, Facturedo from Chile, and Expediente Azul, Pagamobile, and Quotanda from Mexico
  • Tech Bullion highlights the new report on international fintech’s expansion to the Latin American market from Finnovista.


  • looks at the number of Polish companies that demoed at FinovateEurope 2018 this month.
  • The Bank of Lithuania reaches out to developers interested in its regulatory sandbox platform for blockchain projects, LBChain.
  • Romanian bank Raiffeisen Bank International (RBI) launches accelerator program, Elevator Lab with five startups, Gauss Algorithmics, SONECT, 360kompany, Asteria, and Moxtra.

Top image designed by Freepik

Finovate Alumni News


  • SME Financing Meets Cross-Border Payments as BlueVine Partners with Veem.
  • Experian Acquires ClearScore for $385 Million.
  • Pindrop Partners with Voice Solutions Provider Aeriandi.

Around the web

  • Ethoca launches Integrated Solution suite to eradicate chargebacks.
  • Revolut launches direct debits in Europe.
  • PayU, Kreditech to offer cardless EMI option of Rs 1 lakh for online purchases.
  • Lendio franchise announced in South Charlotte region.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Kreditech Leverages Mambu’s Banking Technology for Expansion to Indian Market

Kreditech has selected Mambu’s Software-as-a-Service (SaaS) banking engine for its push into India’s lending market, reports Antony Peyton of Banking Technology (Finovate’s sister publication.)

The firm currently operates in Europe and Latin America and said it will expand into the sub-continent in early 2018, together with its partner PayU, a payments provider and a Mambu client in Latin America.

The engine will let Kreditech launch a short-term lending product tailored to local consumer and regulatory needs.

Alexander Graubner-Müller, CEO of Kreditech, said by using “alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge” – and it offers them “access to loans and thereby help them to gain economic independence”.

He added that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.

The loan product is expected to go live in the first quarter of 2018, all data will be hosted by Amazon Web Services (AWS) India.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than five markets, including Russia, Mexico, Spain and Poland. Up until now, the company says it has processed more than five million loan applications through its subsidiaries. Kreditech demonstrated its the effectiveness of its Kreditech algorithm that assesses client creditworthiness in less than a minute at FinovateSpring 2014.

A FinovateAsia alum, Mambu demonstrated its native cloud Saas banking application at our Singapore conference in 2013. Based in Berlin and founded in 2011, Mambu has forged partnerships with a number of FIs and fintechs in recent months including a deal with ABN Amro’s new fintech firm, New10 in October, and a deployment with German challenger bank, N26 announced in September.

KPMG, H2 Ventures Unveil Fintech 100 for 2017

It’s that time of the year once again: KPMG and H2 Ventures have teamed up to introduce their Leading Global Fintech Innovators roster, the Fintech 100 for 2017. The judges for this year’s Fintech 100 included more than 20 professionals from KPMG and other organizations with expertise in IT, data analytics, capital markets, financial services, and more.

This year 11 Finovate/FinDEVr alums made the Leading 50, with another 12 alums making the Emerging 50. New entrants to the KPMG/H2 Ventures roster include SoFi and Revolut among the Leading 50. All 12 the alums on the Emerging 50 are making their first appearance. See the full list.

Some of the highlights from the 2017 Fintech 100 include the observation that five of the roster’s top 10 companies are from China, as are the top three companies on the list: Ant Financial, ZhongAn, and Qudian (Qufenqi). The U.S. has a pair of companies in the top five: Oscar and Avant, and Europe and the U.K. each have one company in the top ten: Kreditech and Atom Bank, respectively.

Speaking of Asia, the Asia-Pacific region has 30 fintech companies in the top 100. The United States has 19 companies – the most from any single country – and the U.K. and EMEA areas have 41 companies in the list. The U.K. and EMEA region are also responsible for the highest number of companies on KPMG/H2 Ventures’ Emerging 50 list with 26.

With regard to sectors within fintech, the Fintech 100 breaks down as follows:

  • 32 lending companies
  • 21 payments companies
  • 14 transaction and capital markets companies
  • 12 insurance/insurtech companies
  • 7 wealth management/wealthtech companies
  • 6 cybersecurity/regtech companies
  • 4 blockchain/digital currency companies
  • 3 data and analytics companies

Alums from the Leading 50

Alums from the Emerging Stars

44 Alums Populate CB Insights’ Fintech 250 List

This week, CB Insights unveiled its Fintech 250 list. The research outfit selected 250 emerging, private companies in 17 sub-sectors of fintech that are changing the face of financial services. The roster includes 44 Finovate and FinDEVr alums that were selected using CB Insights’ data-driven process that analyzes company momentum, market participation, funds raised, and investor quality.

The list is in alphabetical order.









Credit Karma





Gusto (formerly ZenPayroll)










Personal Capital





Ripple Labs
















PayU Investment in Kreditech Marks Largest Funding for a German Fintech

In a funding round led by online payment service provider, PayU, Germany’s Kreditech has raised $120 million (€110 million). The investment is the largest equity investment in a German fintech company to date. Kreditech CEO Alexander Graubner-Müller said his company was looking forward to bringing “point-of-sale finance” to markets where “reliable credit risk assessment” is lacking. Graubner-Müller added “Teaming up with PayU provides underbanked customers new possibilities and supports our mission of providing financial freedom through technology.”

In addition the record-setting nature of the funding, the partnership between Kreditech and PayU also represents what the company called in a press release: “the first such strategic cooperation pact between a payment service provider and a technology driven consumer finance company.” Pointing to its commitment to bring credit and financial services to the underbanked, PayU CEO Laurent le Moal said his company’s “substantial investment” in Kreditech will “help to bring pioneering machine learning and AI technology to the many high growth markets around the world that need better access to financial services.”

Pictured (left to right): Co-founders Sebastian Diemer and Alexander Graubner-Müller demonstrating Kreditech’s platform at FinovateSpring 2014.

This week’s funding adds to the $10.4 million Kreditech raised in a round led by Japan-based Rakuten last December. With total capital of more than $280 million, the Hamburg-based online lender has earned a valuation of between $325 million and $540 million, according to an estimate in TechCrunch.

Kreditech has processed more than four million loan applications via its subsidiaries, leveraging its API-driven, lending-as-a-service approach to make it easy for partners to integrate and custom-fit a variety of consumer finance solutions. These include loan application and credit risk management products, e-signature and customer service, loan refinancing, processing, and collections. The company is active in more than five markets around the world – including Russia, Mexico, Spain, and Poland, where Kreditech and PayU recently completed an $11 million (€10 million), 12-month pilot program.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech demonstrated its technology at FinovateSpring 2014. Named to H2 Ventures and KPMG’s Fintech 100 in 2016, the company added a pair of new board members last month: former Vanquis Bank CEO Michael Lenora and OneSavings Bank CEO Andy Golding.