Monthly Archives: August 2012

Kreditech debuted in the Polish market in early August 2012. It is the time to reveal the secret whom hundreds of our customers trusted to. Certainly everyone is wondering who we are, what is our experience in financial sector, whom personal data is transmitted to. Unfailingly you are also curious who are our first customers.

The first 4 weeks of activity on the Polish market are behind us. The scale of interest in our services, even for us was a big surprise. Undoubtedly, it was the intense period for each Kreditech’s employee in order to meet the expectations of our customers. Loan applications which we received came across from all over Poland. Applicants came from different educational backgrounds, professions and age groups. We got a lot of email and phone inquiries who we are, what marks us out from the competition and what is the process of granting loans.

We would like to disclose a bit of the secret and reveal who is under the name Kreditech.

We are a team of young, dynamic people of Polish, German and British origins. All of us aqcuired extensive professional experience in finance, services, marketing, IT, across various business types of family-owned companies,  small /medium enterprises as well as the corporates and conglomerates. 90% of our staff has experience in international environment, both educational and profesional in countries around the world, starting from the west in USA, via UK, France, Poland, Switzerland, the Republic of South Africa, in China and South Korea ending.

Our mission is to provide consumers with fast, fair and responsible loans basing on the latest scoring technology. By our daily, diligent work we aim to achieve our vision – to provide our services to 5 […]

What is Big Data scoring / innovative fintech?

Traditional credit scoring used in banks and provided by credit bureaus as such is based on five scoring factors including past credit applications, on time payments, types of credit used, length of credit history and capacity used. This method is being used for many years now with little or none innovation. Kreditech, an innovative fintech scoring company, founded in Hamburg (Germany) is providing a newly developed big data scoring service.
The credit decisions are derived in seconds using a completely automatized and self-developed process with a self-learning algorithm. For each credit decision, the system collects data from a broad range of external data sources ranging from social networks, e-commerce data, economic databases, micro geographical statistics and other sources. Kreditech’s innovative big data scoring uses 8,000 data points in real-time to asses a customer’s creditworthiness, which other fintech companies are not able to do!
As one of the leading innovative fintech scoring companies using big data scoring, Kreditech provides scoring-as-a-service as one-stop-shop for online credit decisions. The service is provided to banks, debt collectors, e-commerce stores, leasing and other financial companies. The customer can choose from various modules such as Credit Scoring, Fraud Detection, KYC Identification, Payouts, Workflow and CRM or can combine them together. All the modules are easy to implement and integrate into the customer’s system and/or website. The customer does not have to sign long term contracts and can book the modules on demand.

Payday loan & Payday lenders in Ukraine

Countries like Poland, Spain and the Czech Republic are already entered by the Kreditech-Ship. One of the next interesting countries to enter is Ukraine. We are working on a universal and unique scoring-model for credit-decision, for which we gain data from our payday lender activities, which are issuing short term payday loans in several European countries. The Kreditech algorithm makes credit-bureaus obsolete. It doesn’t need the additional information the other payday lenders need to do their scoring. Our algorithm takes advantage of every payday loan we issue. No comparable or payday lender technology is available in the whole world, which is able to score in such a short time, more flexible and more precise, than we can do it. Based on our country-researches, Ukraine is one of the most interesting countries for getting data and issuing payday loans. We are very excited about entering and “conquering” each country, which seems to be interesting for us and to our data-base. Kreditech grows fast and our scoring model learns and grows with us. The entering of Ukraine enables us to extend our global reach a lot and also our database used for our self-developed scoring algorithm. The maket-size according to payday lenders in Ukraine gives us the great opportunity to easily gain the market-leadership in this big and very interesting country. Growing at such a high speed as we do in so many countries gives us the opportunity to learn from mistakes and develop faster, safer and more reliable processes to enter new markets, like Ukraine and offer payday loans much faster and better than any other payday lender in a given country.

Microfinance bank & micro loans / credits

We at Kreditech provide micro loans and micro credits through our subsidiaries Kredito24 and Zaimo. Our subsidiaries in Poland, Spain, Czech Republic and Russia operate like a microfinance bank offering short term micro loans / credits.
Customers can apply for micro loans / credits trough one of our subsidiaries. There is no unnecessary paperwork to do, documents to fax or annoying hold music, since we provide our services 100% online. Using our sliders to decide exactly how much money the customer wants to borrow and for how long they want to take the micro loans / credits.
We are always transparent about the full cost of repayment and once our customers have chosen how much they want to lend, they just click to apply. We’ll then ask for some personal details and banking information and run our fully automatized scoring technology to check their credit worthiness like any other microfinance bank would do.
We usually provide our decision in a few seconds and if the application is approved, we send the cash to the bank account within 15 minutes. That makes us the fastest 24/7 microfinance bank/lender in each of the countries we operate in. Our customers are always free to make an early repayment of micro loans / credits with no hidden fees. There are no catches or hidden extra costs. We operate as a responsible microfinance bank and provide micro loans / credits only to people we are sure can pay back and won’t fall into a debt trap.