Kreditech has secured a credit line totalling USD15m from Kreos Capital.
This is the third extension after the initial USD5m loan in September 2013.
The capital is being used to finance the online consumer lending activities in Poland, Spain, Czech Republic, Russia and Mexico.
The company has been diversifying from short-term microloans to consumer-focused finance products, such as unsecured instalment loans, credit cards and innovative products that will be launched soon.
“Kreditech’s impressive growth with constantly improving metrics and highly professional execution and internationalization has impressed us to the extent that Kreos Capital has approved Kreditech’s request to intensify our collaboration with the company,” says Ross Ahlgren, founding partner at Kreos Capital.
Kreditech plans to raise a Series B equity growth round of USD20m to USD30m in the first half of 2014. Kreditech will expand to Australia in Q1 and to at least three additional markets, including Peru and Brazil, during 2014.
“Kreditech is thankful for Kreos’ sustained support for our strategy to build an entirely consumer-focused finance company. The investment will be applied to expanding our 24/7, real time and fully automated lending operations in emerging consumer finance markets around the world. The equity raised in our Series B round will be invested into the expansion to new countries and products and for sustaining our lead in delivering the best consumer experience in lending. Just as Amazon disrupted the online retail space, we are building the perfect platform for convenient consumer finance in the 21st century,” says Sebastian Diemer, founder and CEO of the company.
