German online lender Kreditech is looking to scale globally after the close of a €20m equity financing round.
With the fresh capital, the company will support growth in existing markets with plans for international expansion on the horizon.
Runa Capital co-led the round, with participation also coming from German private investors and HPE Growth and Amadeus Capital Partners.
The FinTech estimates its global target market at ca. €300bn in consumer credit insurance. It is aiming to reach €1bn in revenue by 2025, which will be driven by its presence in Germany, India, Poland, Russia and Spain, but also through growth into new international geographies.
Kreditech is an online lending platform which leverages an end-to-end, automated underwriting process which combines alternative data sources with machine learning. The platform works by letting consumers take out a fixed-term loan for large ticket purchases up to €5,000.
Kreditech CEO David Chan said, “We have a well-established presence in Poland, with strategic partnerships in a very dynamically growing e-commerce market. In Spain, we are in a very strong position as a recognized consumer lending brand, and we are growing rapidly in the near-prime market. In Russia, we are a leading online lender, locally self-funded, and targeting expansion into instalment loans.”
The lending company previously raised €110m in 2017.
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