Investment to improve financial freedom for the underbanked and open up new partnership opportunities
Hamburg, Germany, 15 December 2016 – Kreditech, the leading consumer finance company, has raised EUR 10m equity from Rakuten, Inc. This is another landmark investment in fintech by Rakuten, a leader in internet services and global innovation headquartered in Japan. Rakuten joins Kreditech’s outstanding group of backers, including J.C. Flowers and the World Bank’s International Finance Corporation. Michael Piechalak of the Rakuten FinTech Fund will join the Board as an observer.
Kreditech aims to invest the new funding into further developing its partnership business. The company has launched its Lending-as-a-service in spring 2016. Renowned partners such as PayU (Naspers) are making use of Kreditech’s POS financing integration.
“Rakuten invests directly into our mission to improve financial freedom for the underbanked through technology”, said Alexander Graubner-Müller, Founder and CEO of Kreditech. “In addition to the financial investment, we envision future partnership opportunities. With its strong market position in Asia, Rakuten could be a door opener for us” added Kreditech’s CFO, Rene Griemens.
“Rakuten’s vision for global innovation is about contributing to society through cutting edge technology and entrepreneurship. We are excited about Kreditech because of its unique model of individual empowerment through access to credit across various international markets,” said Oskar Mielczarek de la Miel, Managing Partner of the Rakuten FinTech Fund. “Kreditech is already widely recognized for its distinctive big-data-driven credit model and tech expertise. Rakuten’s investment will allow them to further expand their unique offering.”
Kreditech Group’s mission is to improve financial freedom for the underbanked by 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 “credit as a service” model, allowing partners to integrate its credit products as payment method or funding source. Founded in 2012 and headquartered in Hamburg, Germany, Kreditech has processed almost three million loan applications through its subsidiaries. The company is led by CEO and Co-Founder Alexander Graubner-Müller and is financially backed by world-class investors including J.C. Flowers, Värde Partners, Peter Thiel, and the World Bank’s IFC.
Rakuten, Inc. (TSE: 4755) is one of the world’s leading internet services companies, offering a wide variety of services for consumers and businesses with a focus on e-commerce, finance, and digital content. Since 2012, Rakuten has been ranked among the world’s ‘Top 20 Most Innovative Companies’ in Forbes magazine’s annual list. Rakuten is expanding worldwide and currently operates throughout Asia, Europe, the Americas and Oceania. Founded in 1997, Rakuten is headquartered in Tokyo, with over 13,000 employees worldwide. For more information visit http://global.rakuten.com/corp