- Successful launch of Kredito24 in Spain as first fully automatized loan platform
– Czech and Russia as next markets to be launched in 2013
– B2B product ‘Scoring as a Service’ reaches starting point of a beta-phase
Hamburg, 23/01/2013 – Hamburg-based tech-startup Kreditech (//www.kreditech.com) is pushing ahead internationalization of their services in online scoring and their B2B-product ‘Scoring as a Service’. After a successful launch on the Polish market in summer 2012, Kredito24.es has been put live. Meanwhile the preparation of launching in other countries is reaching its peak level. Internationalization team of Kreditech is set up in a way that all markets are controlled efficiently and centrally from the heart of Hamburg. According to Kreditech’s CEO, Sebastian Diemer, break-even shall be reached this March, thanks to the fact that default rates have been stabilized at a low level and marketing costs have been optimized. New customers are generated for costs under 5 Euros, whereas the Industry average is in a three-digit area. Kreditech has concluded a financing round (Series A) in December 2012 worth a mid million value and has won prominent investors like Blumberg Capital.
Technology leadership in Spain
“In Spain we are the first provider who can score and pay out loans in an automatized and scalable way. At the same time we are able to test whether our country-independent Scoring model can be successfully transferred to new markets without any major adjustment after the previous successful establishment on the Polish market“, says Javier Pimentel Calderon, Head of Internationalization at Kreditech. The proliferation of smartphones has led to the implementation of special apps. Hence, recurring customers will be able to apply for loans via SMS in Spain like they can in Poland.
Market entry onto other countries
„Our Scoring-technology is leading in our business sector. We are able to adapt it easily to new conditions of different countries and we are not dependent on data from credit bureaus or Scoring providers like competitors are. This allows us to develop new markets in which we are pioneers and to build a credit database“ declared Andrew Shaw, Head of R&D at Kreditech. In Russia and Czech, Kredito24 is going to launch soon.
Kreditech draws first balance: The typical Kredito24 user
„After nearly a year on the market, we can make initial statements about the typical Kredito24 customers. We found very interesting and even surprising details“, says Andrew Shaw. „The average age of an applicant is about 32, a little bit older than expected“. The proportion of male and female users is balanced, and nearly half of all our customers have a family. The prejudice that Kredito24 directed to a clientele that has no alternative access to loans, is disproved by empirical data: more than 78% are employed, 11% are self-employed and 5% retired. More than 85% of all applications get already rejected by the automated scoring system. On average, customers borrow 130 Euros for a period of 26 days.
B2B product at starting point of a beta-phase
Scoring has become a commodity. Nearly every credit decision is made on the basis of data providers such as Equifax, Experian, FICO or Trust Union. These data providers are neglecting a lot of information about the online-users, which can be accessed on the Internet; fees for setting the service up, minimum volumes and years of contract bonds are required. ‘This recalls to the software industry, five years ago’ says Diemer. ‘Today these products are available as a “service”, so the market structure has changed dramatically. This change will also take place in the scoring segment – and we are the icebreaker. We are having negotiations with banks, crowdfunding platforms and E-commerce providers in Germany as well as in other countries and we will start to introduce whitelabel-scoring products for a beta-phase already in 2013.