German startup Kreditech — which extends loans and financial services to consumers sporting limited credit histories, using 20,000 online data points to “score” their attractiveness as borrowers — raised $11 million through a Series C funding round.
TechCrunch reported Thursday (March 24) that this brings its total raised to $103 million, after it raised $92 million in September of last year.
Among investors in this round, said the site: PayPal Cofounder Peter Thiel, HPE Growth Capital and Amadeus Capital Partners, among others. The leader of the round was private equity firm J.C. Flowers.
In terms of valuation, the company has the same level seen previously, at about $279 million to $335 million.
This is also a funding round that traces its genesis to International Finance Corp. (IFC). That’s a division of World Bank that finances private businesses that can help with economic development in emerging markets.
The newest funding will be geared toward developing a new product — a platform and app known as Monedo. The new service helps consumers find and apply for loans and credit and also has a relatively larger set of banking offerings to provide to those applicants, including digital wallet capabilities. Monedo also uses the online data points referenced above. The mindset of having so many data points is that, with a larger set of data, accuracy in attractiveness of loans is likely well-founded.
TechCrunch said that the IFC seal of approval also helps allay some criticisms of the company that allege Kreditech is not transparent on interest rates or on loans in general.
Thus far, the company has most of its operational reach in Poland, Spain, Mexico, Russia and Czech Republic. By working with IFC, said the site, Kreditech will branch out into other areas.
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