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Swedish open banking startup Kreditz raises €10 million

Swedish open banking startup Kreditz raises €10 million

Swedish open banking startup Kreditz has raised €10 million from investment company Creades and the venture arm of retail furniture giant Ikea.

Kreditz uses open banking and PSD2 data to enable automated information retrieval and analysis of a loan applicant's current income and expenses. The company claims 80 customers across Europe and the UK including Ikea's banking platform Ikano Bank, Collector Bank, DnB, Lendo and SaveLend.

Kreditz launches in 2019 and last year grew its turnover by 278% to approximately SEK 20 million for the full year. The new investment round values Kreditz at €40 million.

Creades CEO John Hedberg states: "As an early investor in Tink, which builds the PSD2 infrastructure itself, we clearly see how Kreditz takes a few more steps and delivers great added value on top of the infrastructure with its finished products and solutions that help banks and financial institutions to streamline, and make better, customer decisions."

For Ikea, the investment is the latest in a series of financial services-related funding rounds by Ingka Investments, which has stakes in UK-based credit scoring and risk decisioning platform DirectID, climate data platform Doconomy, BNPL outfit Jifiti and Ikano Bank.

Peter van der Poel, managing director of Ingka Investments says: "Open-banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future. Financial inclusion sits close to our heart, and we are impressed with how far Kreditz has come in the short time they have been in the open banking market. Their innovative solutions drive better understanding of customers' finances while reducing credit risks, enabling better-priced financial services."

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