Kreditech raises $40 million in Series B funding
Kreditech is a credit rating service for enterprise that offers micro-loans to customers based on social and commerce data. The company has closed a $40 million Series B funding round, which is the largest ever for a German financial services technology company and is one of the largest rounds in Germany in 2014. The lead investor in this round is Värde Partners. Blumberg Capital and Point Nine Capital also participated in this round.
Kreditech will be using the funding to broaden its financial products and expand into new markets. Kreditech claims to have approved over 1.5 million individual loans inside the last 20 months.
Kreditech now operates in Poland, Spain, Czech Republic, Russia, Mexico, Peru, and Australia. Kreditech is planning to launch in Romania and the Dominican Republic this year with a goal of going live in Brazil next year.