Kreditech is a German-based enterprise service that brings micro-loans to customers based on social and commerce data instead of traditional credit rating tools. It has just closed out a $40 M funding round, the largest of it’s kind for a German financial services tech firm, reports TechCrunch. It was also one of Germany’s largest funding rounds this year.
The services real-time credit scoring allows for a quick score that can in turn be sold to retailers. The credit scoring process performs identification, fraud monitoring and a host of other services.
This round of funding was lead by Värde Partners, a private equity fund. They were joined Blumberg Capital and Point Nine Capital.
Kreditech has indicated it will use this latest infusion of venture dollars to and expand into new markets. It currently claimed 1.5 million loans processed in 20 months.
The service operates Poland, Spain, Czech Republic, Russia and Mexico it recently also launched in Australia and Peru. Launches in the Dominican Republic, Romania, and Brazil are planned for the future.
Earlier this year the company secured $15 million in debt financing from Kreos Capital.
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