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Kreditech Raises $40 Million in Series B Round

Kreditech_hi_res_FS2014

In a round led by Värde Partners and featuring participation from existing investors Blumberg Capital and Point Nine Capital, Kreditech has raised $40 million in new funding.

This latest capital infusion brings Kreditech’s total to more than $63 million. This includes $15 million in debt financing from Kreos Capital the company secured in the fall of 2013 and at the beginning of 2014.

As reported in TechCrunch, Kreditech will be looking to put the money to use expanding into new markets and further developing its product line.
Kreditech_homepage
Kreditech specializes in developing and marketing advanced underwriting tools that leverage big data – and 10,000 data points per application – to determine creditworthiness “within minutes.” The technology means that potential borrowers can apply for loans online or on mobile without having to visit a bank branch. Consumers whose loans are approved can have funds in their accounts in ten minutes.
Here are a handful of interesting metrics from Kreditech:
  • Revenue run rate of more than $15 million
  • Issued loans run rate of more than $55 million
  • Average loan loss in established, profitable core markets of less than 10%
Kreditech was founded in 2012 and is headquartered in Hamburg, Germany. Founder Sebastian Diemer is CEO. The company demoed its technology in San Jose as part of the FinovateSpring 2014 conference. See Kreditech in action here.