CFO René Griemens Leaves Kreditech in Mid-2018
After more than four and a half highly successful years, Griemens leaves the company at his own request
Hamburg, January 18,2018 – After more than four and a half years during which René Griemens was very successful as CFO for Kreditech, the experienced financial market expert will leave the company this summer. He is actively involved in the search for a suitable successor. Until the new CFO is found, Griemens will continue to fully support Kreditech in his role.
Big contribution to Kreditech’s success
René Griemens joined Kreditech in 2013 at a very early stage after the company’s founding, and his work as CFO contributed significantly to the success story of recent years. The experienced capital market expert not only played a decisive role in the extremely successful financing of the Fintech start-up, but also contributed to Kreditech’s high growth and economic success. In 2017, the company was not only able to surpass its planned sales growth, but to keep costs and losses lower than originally planned. Griemens made a key contribution to the substantial increase in the valuation of the Hamburg-based Fintech company. Since his entry in 2013, Kreditech’s valuation has climbed from 11 to well over 300 million Euro. The CFO also raised several hundred million Euro in equity and debt capital from several world-class investors for Kreditech.
Peter Yordan, Chairman of Kreditech, on the resignation of René Griemens: “We are extremely grateful to René Griemens for the efforts he has made in the past four and a half years. With his outstanding transaction and capital market expertise and a unique sense for Kreditech’s economic development potential, he has made a major contribution to the business development. For 2017, the company exceeded its business objectives also thanks to his contribution. Sales were 50 percent higher than last year, while cost and losses were kept at or below target. René was a major contributor to Kreditech’s journey and we are very sorry to see him go.”
Leaving this summer
Co-founder and CEO Alexander Graubner-Müller also regrets the fact that René Griemens will leave the company in the summer. “René has been an elementary member of our management team in recent years. In the future, he plans to return to his passion: The development of technology startups. I very much regret his departure and would like to thank him once again for his first-class work over the last four and a half years. I’m convinced that together with René we’ll find a suitable successor for the position of CFO.”
At the beginning of the year, Kreditech had announced some structural and personnel changes in order to reposition itself for the company’s next growth phase. The management set clear goals for 2018:
- Simplification and further development of the organizational structure
- Focus on expanding the Lending-as-a-Service division and entering the Indian market
- Continue the positive development in the direction of profitability, sustainable growth and operational break-even in all existing markets by the end of 2018
Kreditech Group’s mission is to improve financial freedom for the underbanked with the use of technology. Combining non-traditional data sources and machine learning, the company is aiming to provide access to better credit and a higher convenience for digital banking services. The product offerings include consumer loans, a digital wallet and a personal finance manager designed to help customers manage their credit score and plan their spending. Kreditech also offers a “Lending as a Service” model, allowing partners to integrate Kreditech’s credit products via an API into their own platform and services.
Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than 5 markets worldwide, amongst others Russia, Mexico, Spain and Poland. Up until now, the company has processed more than four million loan applications through its subsidiaries. Kreditech’s team of more than 387 people is led by CEO and Co-Founder Alexander Graubner-Müller and is financially backed by world-class investors including PayU, J.C. Flowers, Peter Thiel, and the World Bank’s IFC.
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