INSUBCONTINENT EXCLUSIVE:
Cash advances (or simply, loans) continue to be a lucrative area for startups to tackle
By leveraging new AI-based tools to evaluate potential customers, the network effect of the internet and the quick efficiency of digital
around $300 billion this year.Today, one of the earlier players in the space that specifically targets emerging economies is announcing a
round of funding to expand its business: Kreditech, the Hamburg, Germany-based provider of loans and point-of-sale financing to near-prime
Capital Partners, along with unnamed fintech angels
Other investors in the company include Peter Thiel, Rakuten and the IFC.This is an equity round that it will be using to continue building
biggest economies, but one of the fastest-growing, too
India.Kreditech was founded originally around the idea of using AI to make better assessments of potential borrowers in developing economies
(and manage the underwriting using that data and automation), the idea being to target those who have little or no credit history behind
to help startups in their expansion efforts
ago.With that backdrop, the company has been somewhat under the radar in the last couple of years, but appears now to be lifting its head
We have been successful in finding our niche and have established the right proof of concept
it continues on its path to becoming a global leader in digital near-prime lending
We believe that access to credit will continue to be improved through innovation and we see Kreditech as the emerging leader in this space,
For these reasons, HPE is convinced that Kreditech has the right management team to scale the business into the near-prime market
