In Deutschland
Kreditech, the online lender in Germany, has reportedly landed a €110 million investment from online payment processor PayU.
According to a report, under the deal, PayU gets a large minority stake in Kreditech and builds on a twelve-month pilot program in Poland in which more than €10 million in instant credit was issued to consumers at the point of sale.
As part of the deal, Kreditech will provide its AI and machine learning credit underwriting and loan management technology to PayU’s 300,000 network of merchants.
“In the past 12 months, we have become the leading corporate venture capital investor in FinTech, investing more than €245 million around the world. This latest investment in Kreditech fits perfectly with this vision,” said Laurent Le Moal, chief executive of PayU.
PayU is the ePayment subsidiary of media conglomerates Naspers. The company joins JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten and the World Bank’s IFC as an investor in Kreditech.
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