Friday
September 27
2019

Kreditech, the AI-Based Near-Prime Loans Platform, Nabs $22m Under New CEO to Expand Globally

By Ingrid Lunden

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 money transfer, they’re taking on incumbent banks to disrupt a consumer lending market estimated to be worth some $284 billion in 2018 and 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 borrowers in countries that include Poland, Spain, Russia and India, has picked up €20 million ($22 million).

Photo courtesy of Ashwini Chaudhary.

Source: TechCrunch (link opens in a new window)

Categories
Finance
Tags
artificial intelligence, emerging economies, emerging markets, fintech, mobile banking, mobile lending