May 10, 2017
Hamburg, 10 May 2017 – Kreditech, the leading technology group for digital consumer credit using machine-learning based underwriting, has closed EUR 110 million in investment from global online payment service provider PayU.
The landmark investment is the largest ever equity investment in a German FinTech company and builds on a successful 12-month pilot program in Poland.
As part of the deal, Kreditech and PayU have agreed to a global partnership to deliver a joint proposition for point-of-sale finance. The agreement combines PayU’s strong international footprint with Kreditech’s unique technology to bring innovative credit services to underbanked markets around the world. Kreditech will expand its Lending as a Service (LaaS) offering and deliver its unique AI and machine-learning credit underwriting and loan management technology to PayU’s 300,000-strong network of merc ...