Blumberg et al. in new funding for Kreditech

Kreditech's new venture funding follows previous funding rounds, including a $4m financing in December 2012, and is valued at around €5m. The funds will be used to aggressively expand the company's credit scoring platform on emerging markets as well as develop its B2B product "Scoring as a Service", due to be launched internationally in 2014.

The company said in a statement it had turned down other offers of equity funding and did not need any extra capital at present, however it had accepted this offer on the grounds of strategic value to the business. Kreditech was expected to break even in Q1 2013.

Company
Founded in 2012, Kreditech is a real-time scoring technology that applies big data to a score of data points in credit applications of individuals. The company makes its identification, fraud detection and scoring decisions based on globally available data sources. 

Kreditech's technology is applied in B2C for issuing online, SMS and facebook microloans in real-time. The company also works at building a global "Scoring as a Service" database that provides scoring data without technical integration or contracts to third parties.

Kreditech is headquartered in Hamburg with further offices in Warsaw, Barcelona, Moscow, Prague and Kharkov. It employs 25 people.

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