PayU funds Kreditech to bring credit services to underbanked markets

Wednesday 10 May 2017 13:01 CET | News

PayU, a global payment service provider, has invested EUR 110 million in Kreditech, a Germany-based fintech company.

As part of the deal, both companies agree to bring innovative credit services to underbanked markets around the world. Kreditech will expand its Lending as a Service (LaaS) offering and deliver AI and machine-learning credit underwriting and loan management technology to PayU’s 300,000- network of merchants.

The announcement follows the completion of a pilot programme managed by both companies, offering Polish consumers improved access to credit in a real-time online process. The pilot programme issued more than EUR 10 million in credit.

Through this financing, PayU has acquired a significant minority stake in Kreditech, joining existing prominent fintech investors including JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten and the World Bank’s IFC. Additional transaction parameters were not disclosed. For more information about PayU, please check out a detailed profile in our company database.

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Keywords: PayU, Kreditech, Germany, Europe, investment, underbanked markets, AI, machine-learning, PSP, merchants, credit services
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce