Kreditech, a Germany-based consumer finance firm, has closed a €10m fundraise from Japanese internet services company Rakuten. Kreditech’s existing investors include J. C. Flowers and the World Bank’sInternational Finance Corporation.
The platform will use the funding to further developing its partnership business. Having launched lending-as-a-service in spring of this year, Kreditech now has key partners making use of its point-of-sale financing integration.
Kreditech has a broad product suite which features micro-loans, micro-installments, installments, point-of-sale financing solutions and pre-paid cards. But the platform also refers customers onto other providers at times, using a data-driven process.
“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,” said Rene Griemens, Kreditech’s CFO.
Michael Piechalak of the Rakuten FinTech Fund will join the Kreditech board as part of the investment.
Oskar Mielczarek de la Miel, managing partner of the Rakuten FinTech Fund said that he was excited about the investment in Kreditech “because of its unique model of individual empowerment through access to credit across various international markets”.