- Blumberg Capital and a German investment bank invest in Kreditech
- Point Nine Capital also participates and increases its stake
- Funds will be used for scaling B2C business in Poland and expanding to other (European) markets to break even
- “Scoring as a Service” database for disruptive, global, online scoring will launch in 2014
Hamburg, 17.12.2012 – The 2012 founded tech start-up Kreditech attracts further prominent investors: Blumberg Capital and the management of a German investment bank join the prominent list of investors in Kreditech with Point Nine Capital (also participating and increasing their stake). Michael Brehm (founder studivz), Heiko Hubertz (founder Bigpoint), Felix Haas (founder amiando), Stefan Glaenzer, Greycorp, YoungBrains, Digital Pioneers N.V., and H2 Investments GmbH invested in Kreditech earlier in 2012. In total Kreditech has raised 4m USD, which, according to CEO Sebastian Diemer, will be sufficient to scale the B2C business to break-even in Q1 2013. In addition, Kreditech plans the international launch of its B2B product “Scoring as a Service” in 2014.
“Kreditech has developed an innovative approach to scoring by analyzing a much larger amount of online data for credit applications than has been done before”, says Jon Soberg, Managing Director of Blumberg. Kreditech developed a self-learning algorithm as well as completely automated workflows that apply machine-learning and big data to credit scoring. “This scoring system works country- and credit-bureau-independent, leveraging big data scoring layers and enabling lending in places where credit bureaus such as Experian and Transunion are not operating. It gives them a unique cost and technology advantage”, adds Soberg.
Location data (GPS, micro-geographical), social graph (likes, friends, locations, posts), behavioral analytics (movement and duration on the webpage), people’s e-commerce shopping behavior and device data (apps installed, operating systems) are just some examples of up to 8,000 data points […]