Kreditech Receives €110M Investment from PayU
Summary
Through this major growth financing, PayU has acquired a significant minority stake in Kreditech, joining existing investors JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten and the World Bank’s IFC.As part of the deal, Kreditech and PayU agree a global partnership to deliver a joint proposition for Point of Sale Finance.Kreditech will expand its Lending as a Service (LaaS) offering and deliver its AI and machine-learning credit underwriting and loan management technology to PayU’s 300,000-strong network of merchants.The announcement follows a pilot program managed by Kreditech and PayU, offering Polish consumers improved access to credit in a real-time online process.The company, which covers more than 5 markets worldwide, amongst others Russia, Mexico, Spain and Poland, has processed more than four million loan applications through its subsidiaries.