Kreditech targets India after EUR20m funding boost
News close to my heart since had a pleasure to work in that company <3.
Kreditech, a German-based online lender and POS financing provider focused on "near prime" borrowers, is looking to the Indian market after raising EUR20 million in funding.
The round was co-led by Runa Capital and unnamed German private investors, with participation from existing shareholders HPE Growth and Amadeus Capital Partners.
Founded in 2012, Kreditech practices what it calls 'algorithmic banking', using big data to make credit decisions on loans for people who might be shut out by high street providers.
The firm has moved beyond its home market to establish operations in Poland, Spain, Russia and India, where it now plans to scale its business and take advantage of a huge underbanked population before entering other countries.
David Chan, CEO, Kreditech, says:
"I am really excited about our growth plans in India...We have been successful in finding our niche and have established the right proof of concept. Now it's time to scale up while a key target customer segment remains unaddressed by the competition."