The new funding will be leveraged by Kreditz to accelerate its development process and facilitate its expansion into new markets. The company will also continue to focus on financial inclusion, as well as on providing customers with accurate, real-time data in order for them to make better credit decisions.
The key investors of this round included Ingka Investments and Creades, both making minority investments in the firm.
Kreditz obtained the Account Information Services license from the Swedish FSA, which further improved its suite of solutions. Its tools and products were designed on Open Banking and PSD2 technology, with the aim to help banks, companies, and financial institutions to have more information on their credit and to make more informed decisions.
Kreditz is a Sweden-based startup company that specialises in offering banks, financial institutions, and businesses the needed tools and solutions to analyse bank transaction data and obtain a comprehensive and clear view of the applicant profiles based on Open Banking and PSD2 data.
The company leverages bank transaction data as its foundation, prioritising the promotion of financial transparency and responsibility for clients around the world, through the use of automated information retrieval and analysis of loan applicants’ current income and expenses.
The products are grouped into a customer account certificate and a business account certificate, making its standardised and customisable solutions more accurate and secure.
Customers can benefit from income verification services (primary and secondary income streams), asset accumulation, debt involvement (which incorporates the paid-out loans and repayments), spending behaviors (which allows businesses to have a detailed overview of how money is spent), as well as credit decisioning and custom products (companies can make a request for a custom tool and Kreditz will work on designing it).
Businesses and firms can leverage the Kreditz business revenue tool (which allows customers to identify current turnovers and their clients), business assets, and business debt (used for repayments, debt, and loans). Other tools, such as the business spending product (built to identify current spending and suppliers) and credit decisioning are also included. Firms and enterprises can also benefit from custom products.
The Kreditz Certificate is fully customisable in order to meet the needs, preferences, and demands of its users. Its tools will offer clients the following insights: customisable modules, industry-specific adjustments, secure and developed technology, and safe and fast delivery of products.
The Customer Account Certificate can be customised as well, clients being allowed to set their own rules and scoring variables based on the insights given by the Kreditz Certificate with the Kreditz Decisioning Engine. It offers multiple insights, such as personalised scoring indicators, increased lending with no change in risk, and early detection of fraud and other online threats.
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