Kreditech Nabs $92M To Build Financial Services For The ‘Underbanked’

By: Ingrid Lunden
Another startup out of Europe focused on finance has raised a hefty round of funding. Kreditech, a German company building a suite of credit and banking products for consumers who have little or no credit history, has raised €82.5 million ($92 million) to continue adding more products and geographies to its platform.

Confirming what we reported when we first broke news of the round in July, investor and PayPal co-founder Peter Thiel is investing in this Series C round, alongside Amadeus Capital Partners and existing investors Värde Partners, HPE Growth Capital and Blumberg Capital. The round was led by U.S.-based private equity firm J.C. Flowers.

Speaking to TechCrunch about the news, Kreditech CFO Rene Griemens declined to comment about the company’s valuation except to note that it has “more than doubled” from the last round, when it raised $40 million. That round, according to Kreditech itself, valued the company at $190 million, although Griemens points out with currency fluctuations and inflation, it’s inaccurate to simply double that number…read more