Germany's Kreditech has secured a EUR110 million investment from online payment processor PayU.
The deal, which gives PayU a significant minority stake in Kreditech, builds on a successful 12-month pilot programme in Poland which saw more than EUR10 million in instant credit issued to consumers at the point-of-sale.
Under the agreement, Kreditech will deliver its AI and machine-learning credit underwriting and loan management technology to PayU’s 300,000-strong network of merchants.
Laurent le Moal, CEO at PayU, says: “In the past 12 months, we have become the leading corporate venture capital investor in fintech, investing more than EUR 245 million around the world. This latest investment in Kreditech fits perfectly with this vision.”
Headquartered, in Holland, PayU is the e-payment subsidiary of media congolomerate Naspers with a presence in 16 growth and emerging markets worldwide. The company joins JC Flowers, Varde, Blumberg Capital, HPE, Peter Thiel, Rakuten and the World Bank’s IFC as an investor in Kreditech.