Kreditech, the credit rating service for enterprise which offer micro-loans to costumers based on social and commerce data, has closed a $40 million Series B funding round, the largest ever for a German financial services technology company and one of the largest rounds in Germany in 2014. The lead investor is Värde Partners, a PE fund, which was joined by existing shareholder Blumberg Capital and Point Nine Capital.
Kreditech will use money to broaden its financial products and expand into new markets. It claims to have approved more than 1.5 million individual loans inside the last 20 months.
Its real time credit scoring service quickly generates a credit score for a consumer (performing identification, fraud detection etc) which it then sells on to retailers. It uses data based on sources such as social networks and e-commerce records. That means they can move fast into emerging markets.
View original post 48 more words