Värde leads $40m series-B for Kreditech

Kreditech will use the fresh capital to expand its services into new markets and develop new financial products.

Following a $15m investment from Kreos Capital in January 2014, Kreditech announced plans to expand into Peru and Brazil during 2014. It currently has operations in Australia, Poland, Spain, Czech Republic, Russia and Mexico.

The company currently offers short-term micro-loans and consumer-focused finance products but is extending its services to include unsecured instalment loans and credit cards.

Existing investors Blumberg Capital and Point Nine Capital also took part in the round alongside other shareholders.

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

Kreditech secured a $7m credit line from Kreos in September last year, which was later extended to $15m.

Company
Founded in 2012 and based in Hamburg, Kreditech is an automated credit scoring agency that rates consumers in emerging markets, where historical credit records are lacking. The company's software scores information such as location data, social media data, behavioural analytics, e-commerce shopping behaviour and device data in real-time.

Kreditech generates revenues of $25m and the company stated it has experienced growth of 80% per quarter. The company employs more than 140 people across its offices in Hamburg, Mexico City, Sydney, Prague, Moscow, Warsaw, Barcelona and Ukraine.

People
Sebastian Diemer is founder and CEO of Kreditech. Rick Noel is a partner at Värde.

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