PE-backed Kreditech bolts on Kontomierz

Harriet Bailey
16 January 2015

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Consumer finance technology group Kreditech, backed by GPs including Point Nine Capital and Holland Private Equity, has acquired Polish fintech company Kontomierz.

Kontox was acquired in exchange for somewhere between €1-10m in cash as well as Kreditech shares.

The Kontomierz team will remain as an independent, Poland-based group. It will make 10 new hires following the transaction.

Kreditech stated it will support the expansion of Kontomierz in global markets such as Brazil, Mexico, Russia and Spain.

Previous funding
Blumberg Capital and Point Nine Capital invested in Kreditech in December 2012, when they took part in a $4m early-stage deal. In April 2013, the two existing investors were joined by H2 Investments and Global Founders Capital in a new funding round worth around €5m.

Kreditech then secured a $7m credit line from Kreos in September 2013, which was later extended to $15m in January 2014. Two funding rounds also took place in 2014: Värde Partners led a $40m series-B round for the company in June, alongside Blumberg Capital and Point Nine Capital, while Holland Private Equity acquired a 13% stake in Kreditech from a consortium of seed investors and business angels in November.

Company
Founded in 2009, Warsaw-based Kontomierz has built the Kontox platform, which provides an interface for bank systems worldwide. It gains read-only access to bank accounts, enabling users to verify client identities and retrieve financial data. Its clients include Alior Bank and Idea Bank. Kontomierz has annual revenues of around €1m and 16 employees.

Hamburg-headquartered Kreditech has developed its own scoring technology using 15,000 data points that rates consumers for credit in emerging markets. It currently has operations in Australia, Poland, Spain, Czech Republic, Russia and Mexico and announced plans to expand into Peru and Brazil earlier this year.

Kreditech generates turnover of $55m and has 200 employees.

People
Martin Truszel is the CEO and founder of Kontomierz. Sebastian Diemer is the founder and CEO of Kreditech.