Kreditech has obtained funding from Europe’s largest growth debt provider Kreos Capital, securing a credit line of up to USD7m.
The funding has been obtained from the Kreos Capital IV growth debt fund, which recently held its final close at USD320m. Besides Kreditech, other high-growth companies which have received funding include Openet, Heptagon, Westwing, and Solaredge.
“We are successively moving to debt as the appropriate source of capital for refinancing our loan book,” says Sebastian Diemer, chief executive of Kreditech. “This is a breakthrough innovation in a previously equity-financed business. It will be the foundation for further innovation in our refinancing strategy.”
Kreditech is currently operating in Poland, Spain, Czech and Russia and is expanding to Mexico in September.
“Mexico is the perfect market for a credit scoring technology that works independently from credit bureaus – high internet population, a clearly observable switch from offline to online channels and a palpable absence of innovation in the fintech sector,” says Javier Pimentel, head of internationalisation.
Kreditech will expand to Australia (Q4) and four additional markets within the next quarters.