"Kreditech - the online lender that builds credit histories based on big data analytics and is backed by the likes of Peter Thiel, Blumberg and the World Bank’s IFC — is today announcing a new strategic investor, and with it, a little more funding. The Hamburg startup has raised $10.4 million (10 million euros) from Rakuten, the e-commerce giant out of Japan."
"Germany consumer finance innovator Kreditech has just picked up a $10.4 million (€10 million) investment from Japan’s Rakuten. The new funds, which will be used to develop Kreditech’s partnership business, take the company’s total capital to more than $160 million."
"Das Hamburger Fintech-Unternehmen Kreditech erhält eine neue Finanzierung: Der japanische Internetkonzern Rakuten investiert zehn Millionen Euro. Das Geld stammt aus einem 100 Millionen Dollar starken Fintech-Fonds, den Rakuten vor einem Jahr gestartet hat. Es ist das erste Mal, dass der Fonds in Deutschland investiert."
"Japanese e-commerce company Rakuten has made a 10 million euro ($10.4 million) investment in Kreditech, a German financial technology startup that uses big data technology to assess the creditworthiness of potential borrowers with little or no conventional credit history."
"Top 10 Fintech Companies Germany...Founded in 2012, Kreditech is a German online lender that provides loans to people based on their creditworthiness which is analysed using their online data rather than traditional credit rating information. The company mainly focuses its efforts on emerging markets."
"Through Kreditech's technology we can perform a more precise credit rating to offer credit at fair and riskweighted conditions. With the new funding, we will continue advancing our scoring technology to continuously improve and expand our product offering."
Thomson Reuters 11.10.2016
"While there are applications across numerous fields including firms like OTAS Technologies and AlphaSense who are applying big data analytics to the buy-side trading arena, and MarketPsych, specializing in behavioral predictive analytics, the majority of funding has been targeted at firms like Kreditech..."
"People using Online Point of Sales Financing can instantly finance online purchases at rates similar to banks up to €5,000 over a maximum 36 months. The paperless process employs proprietary scoring technology."
"Kreditech’s unique technology is able to provide a convenient offer to prime and non-prime customers who have little or no credit history."
"Kreditech shared that the new integration allows customers to instantly finance their online purchases at charges comparable to local banks."
"Kreditech’s CEO Alexander Graubner-Müller reminded the audience that 2 billion adults worldwide are underbanked and that they are prepared to service that market by combining non-traditional data sources with machine learning, thus aiming to provide access to better credit and higher convenience."
The World Bank
"In the Fintech space, IFC is supporting Fintech companies active in the Mexican market, particularly in the areas of P2P lending (i.e., Afluenta), online lending (Kreditech) and payment infrastructure."
“Nothing else can cope with the vast amounts of unstructured data other than machine learning,” said Graubner-Müller. “It’s real time, and you can give a credit rating for underbanked customers”.
"Kreditech, based in Hamburg, Germany, is among the largest of the new breed of consumer lending data collectors in emerging markets, with more than 306 million euros ($344 million) in backing from the likes of Peter Thiel, New York-based private equity firm J.C. Flowers & Co., and venture capital firm Amadeus Capital Partners."
"The reason this matters to Kreditech is that for all the talk of 20,000 data points, AI, machine learning, data science etc, understanding what a borrower has in their bank account (in and out and balance) is key to understanding their credit worthiness."
"There is a range of balance sheet lenders across Eastern Europe, including Kreditech, 4finance and ID Finance, which are solving the issue of credit access for the underbanked using innovative data sources."
"Graubner-Müller's company is a demonstration that the fuss over 'big data' is more than just hype, using powerful data-crunching to assess the creditworthiness of would-be borrowers with little or no conventional credit history."
"A prime example of this is German startup, Kreditech, which is able to offer loans to customers based on a dynamic algorithm that factors in 20,000 data points evaluating risk. These companies are helping accelerate the understanding of credit risk beyond the FICO score."
"While the capital raised will be put into Kreditech's Monedo platform, which offers consumers digital bank accounts, payment products and personal finance management, it remains on the lookout for acquisition targets."
"[Kreditech] believes using this data can provide a more accurate credit score than traditional methods, and also opens up new segments of the market which are currently ignored by traditional lenders due to a lack of credit rating."
Unterstützung von der Weltbank: "Alexander Graubner-Müller, 28, Gründer und Chef des größten deutschen Fintech-Unternehmens Kreditech, darf sich über einen ungewöhnlichen Geldgeber freuen. [...] Über ihre Tochter IFC investiert die globale Entwicklungsbank gezielt in Privatunternehmen, die in Schwellen- oder Entwicklungsländern tätig sind"
"Online lender Kreditech closes out Series C at $103M after getting $11M from the IFC: "Kreditech and the IFC are also making an effort to promote the idea of financial inclusion, helping write guidelines on responsible lending."
"Germany’s FinTech Ecosystem: A Wheel in the European Innovation Machine"
"Banks can’t match fintech’s innovation culture. [...] “Our main advantage is speed, the speed at which we integrate new things and adapt to them… and the speed at which we deliver the customer experience. In a downturn we’ll be adapting faster than others. We operate in Russia and we adjusted our model to the recession there.” Alexander Graubner-Müller, Co-Founder and CEO, Kreditech."
"Das im vergangenen Jahr gehypte Unternehmen Kreditech erhielt eine Kapitalspritze von zehn Millionen Euro von der Weltbank. [...] Mit dem neuen Geld will die junge Firma ihr Produkt vorantreiben und ihre Technologie weiterentwickeln."
"Vorreiter auf dem Gebiet dieses sogenannten Social- oder Big-Data-Scoring ist das Hamburger Startup Kreditech. [...] Das Geschäftsmodell: Kreditech verleiht Geld an Konsumenten, auch an solche, denen eine Bank aufgrund eines negativen Eintrags bei einer Auskunftei keinen Kredit geben würde."
"Kreditech is a consumer finance company that utilizes Big Data, proprietary algorithms and automated workflows to offer a range of financial services, with a focus on underbanked markets."
"The CEO of Kreditech used big data and algorithms to build a digital bank that is faster, cheaper and easier for customers. A former engineer at Rocket Internet, he previously founded predictive office market, Predict X."
"Kreditech, a Hamburg-based start-up that offers credit and banking products to people with little or no credit history, has attracted attention from investors including JC Flowers and Peter Thiel. The fintech company’s vision is to build an “Amazon for consumer finance”, expanding to offer products for personal finance management, overdrafts and payment services."
"Kreditech, based in Hamburg, Germany, is the largest of the new companies and does not lack for ambition. It sees its future as the Amazon of consumer lending in emerging markets."
[Kreditech] uses some 20,000 data points to assess a person’s suitability as a loan candidate, ranging from single lines in bank account statements to behavioural info such as a person’s interactions with web sites and also social data.
"Beyond using Facebook data, [Kreditech] says it can “triangulate the truth” about a customer’s creditworthiness by using behavioural data such as the way its online application form is filled in."
Kreditech uses big data to create a credit rating for those with thin credit files -- which could be those without bank accounts, students or migrants. Its subsidiaries also provide financial services for the 'unbanked'.
"Daten sind das Öl 21. Jahrhunderts" Sebastian Diemer at NOAH Berlin 2015
"Anyone in lending knows traditional credit scores are going the way of the dinosaur. Kreditech is the future."
The Sunday Times
"A credit bureau for the digital age, offering highly individualized loans to smartphone users, based on algorithms and big data."
"Im Zuge der digitalen Revolution ist es nur eine Frage der Zeit, bis IT-Firmen das Bankgeschäft besser beherrschen als die Banken Selbst."
Kreditech has developed a remarkably sophisticated approach to real-time consumer banking, and focuses on markets that are relatively less well-served by traditional credit bureaus and financial services providers.
"Why it’s hot: Kreditech’s mission is to build a digital bank for the unscored worldwide."
Berliner Morgenpost 19.01.2015
"Die Wachstumsrate von 70 bis 80 Prozent im Quartal könnte das Unternehmen zu einem ernsthaften Mitbewerber herkömmlicher Kreditinstitute machen."
“Don’t get biased by the Ubers, Instagrams and Facebooks,” says Sebastian Diemer, CEO and founder of Kreditech (...). “These are absolute outliers and do not represent any standards or best practices. Build companies to change the world, not to attract the next round of financing or have an exit in three years.”
"Statt langwieriger Prüfungsverfahren berechnet die Software innerhalb von 35 Sekunden, ob und zu welchen Konditionen der Antragsteller den Kredit bekommt."
Business Punk Dec 2014
"Das Hamburger Fintech-Startup hat einen permanent lernenden Algorithmus, der 15 000 Datenpunkte checkt, die etwas über die Kreditwürdigkeit aussagen."
The Banker 01.10.2014
"With the initial intention of developing a scoring engine to sell, the founders eventually decided to further develop their initiative by moving into the business of lending. 'We don't see a bank that is able to serve consumers globally, on a fully automated basis, independent of existing institutions,' says Rene Griemens, Kreditech's chief financial officer."
Financial News 29.9.2014
"Banks are to fintech what shopping malls are to e-commerce. While the first is accessible to the elite in developed countries only, the second is accessible to everyone."
Deutsche Welle 25.08.2014
"What do Facebook friends or the brand of your computer reveal about your own creditworthiness? Hamburg-based Kreditech use up to 15,000 types of data to decide whether an individual should be given a small-scale loan - with the consent of the applicant."
"Kreditech, a Hamburg, Germany-based online credit scoring and micro-lending firm, will prioritise raising a three digit million euro debt package before the end of this year, CFO Rene Griemens said."
"Doch der technische Fortschritt geht weiter. Anbieter wie Kreditech haben Algorithmen entwickelt, um die Kreditwürdigkeit eines Menschen binnen Minuten beurteilen zu können."
"Those in need of credit are turning to emerging online platforms rather than their traditional banks. It's faster easier and more transparent. And emerging market business is leading the way."
Epoch Times 13.10.2014
"Kreditech, a European company that labels itself as a “big data infrastructure that allows for credit bureau independent acquisition, identification, scoring and retention management in consumer lending,” boast that it uses 15,000 data points to help creditors process loan applications."