Kreditech raises 4m USD for international expansion of B2C microloans and roll-out of B2B 'Scoring as a Service' products
(firmenpresse) - (DGAP-Media / 18.12.2012 / 10:08)
* Blumberg Capital and a German investment bank invest in Kreditech
* Point Nine Capital also participates and increases its stake
* Funds will be used for scaling B2C business in Poland and expanding to
other (European) markets to break even
* 'Scoring as a Service' database for disruptive, global, online scoring
will launch next year
The 2012 founded tech start-up Kreditech (formerly Kredito;
www.kreditech.com) attracts further prominent investors: Blumberg Capital
and the management of a German investment bank join the list of investors
in Kreditech with Point Nine Capital (also participating and increasing
their stake). In total Kreditech has raised 4m USD, which, according to CEO
and Co-Founder Sebastian Diemer, will be sufficient to scale the B2C
business to break-even in Q1 2013. In addition, Kreditech plans the
international launch of its B2B product 'Scoring as a Service' next year.
Michael Brehm (ex-studivz), Heiko Hubertz (founder Bigpoint), Felix Haas
(founder amiando), Stefan Glaenzer, Greycorp, YoungBrains, Digital Pioneers
N.V., and H2 Investments GmbH invested in Kreditech earlier in 2012.
'Kreditech has developed an innovative approach to scoring by analyzing a
much larger amount of online data for credit applications than has been
done before', says Jon Soberg, Managing Director of Blumberg. Kreditech
developed a self-learning algorithm as well as completely automated
workflows that apply machine-learning and big data to credit scoring. 'This
scoring system works country- and credit-bureau-independent, leveraging big
data scoring layers and enabling lending in places where credit bureaus
such as Experian and Transunion are not operating. It gives them a unique
cost and technology advantage', adds Soberg.
Location data (GPS, micro-geographical), social graph (likes, friends,
locations, posts), behavioral analytics (movement and duration on the
webpage), people's e-commerce shopping behavior and device data (apps
installed, operating systems) are just some examples of up to 8,000 data
points that are processed in real-time for any single scoring unit. This
technology will allow any retailer (e.g. banks, leasing companies,
e-commerce stores) to access parts or all of this data through a 'Scoring
as a Service' global database with minimal technical setup and no contracts
or minimum durations. 'We gather important learning about repayment
behavior and validate our data by issuing B2C microloans in different
countries and then transfer the technology to our B2B products', says
Alexander Graubner-Müller, CTO and co-founder of Kreditech.
Kreditech has processed more than 100,000 applications with its platform
Kredito24.pl in Poland alone - out of which between 10 and 20 per cent have
been accepted at various stages of the model development. For granted
applications Kreditech guarantees that the money is with the customer in
less than 15 minutes, although it usually arrives in around 2 to 3 minutes.
This is possible thanks to in-house developed systems that score and pay
out in a fundamentally innovative way at no variable costs. 'Kreditech's
defaults are already now better than the industry standard. This shows,
that the system lives up to its promises. Nevertheless, it is being further
optimized every day', says Pawel Chudzinski of Point Nine Capital. ' We are
pleased to have invested in this innovative and international company from
day one.'
'We are delighted and proud not only to keep our investors' trust but also
to have gained these new AAA investors. This shows that they, like us,
believe in the market potential of scoring fintech and in our abilities in
developing innovative technology and executing operations efficiently. We
look forward to being a technology leader in the disrupted global scoring
market', concludes Sebastian Diemer.
About Kreditech:
Kreditech (www.kreditech.com) is a real-time scoring technology provider
that applies big data analysis to thousands of data points in credit
applications over individuals. This technology is applied in B2C markets
for issuing online / SMS / facebook microloans (e.g. www.kredito24.pl and
www.kredito24.es) in real-time as well as for the establishment of a global
'Scoring as a Service' database that provides scoring data without
technical integration or contractual obligations to third parties.
Kreditech operates offices in Hamburg, Warsaw, Barcelona and Kharkov and
employs 13 professionals from 8 nationalities.
End of Media Release
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