Kreditech Raises €82 Million in Series C Investment Led by J.C. Flowers
Summary
German consumer-finance technology company Kreditech today announced that it has raised 82.5 million in a Series C round led by J.C. Flowersand more funding could be on the way. The investment includes a bridge loan from Peter Thiel and Amadeus Capital Partners (Amadeus) from earlier this year that has been converted into equity, as well as word that Kreditech hopes the round ultimately will raise more than 100 million.Also participating in the round were existing investors V\xe4rde Partners, HPE Growth Capital, and Blumberg Capital.The more than 80 million raised so far boosts the companys total funding to more than 300 million in debt and equity. Kreditech CFO Rene Griemens noted that more than half of the companys total funding are unused debt facilitiesa revolving credit arrangementthat can be loaned out to help fuel growth.Kreditech CEO and co-founder Sebastian Diemer demonstrated Kredito24 at FinovateSpring 2014 in New York.Loren Felsman, managing director at J.C. Flowers who will be joining the Kreditech board as part of the investment, praised the companys sophisticated approach to real-time consumer banking, especially as it relates to the underbanked. The goal, as Deimer explained from the stage last year at FinovateFall 2014, was both a more accurate credit rating, better pricing and more personalized lending options for the borrower.Kreditech has deployed its technology with subsidiaries operating in nine markets: Germany, Poland, Spain, Peru, Mexico, Australia, the Dominican Republic, the Russian Federation, and the Czech Republic.