Stockholm-based Kreditz, a credit information startup, announced on Wednesday, May 3, that it has secured €10M in equity capital from investors, including Ingka Investments and Creades.
Kreditz says it will use the funds to accelerate the company’s growth and expansion into new markets.
Roni Zacharion, Kreditz CEO and founder, says, “Right now, the market, which is still immature, is developing at a record-breaking pace. More and more customers, such as banks and loan brokers, see the need to have access to accurate and fully automated real-time data that can enable better and smoother credit decisions.”
“In addition, regulations require moving away from template figures and using real customer information, Kreditz has a market-leading solution and we are pleased that such reputable investors as Creades and Ingka Investments share our vision of building a leading player in Europe in this area,” adds Zacharion.
Kreditz: What you need to know
Founded in 2018 by Roni Zacharion, Kreditz is a credit scoring and verification service that uses Open Banking and PSD2 data.
The Swedish startup helps banks and other financial institutions analyse bank transaction data to gain a 360-degree view of applicant profiles.
With this approach, Kreditz can provide a more comprehensive understanding of an applicant’s creditworthiness, making it easier for banks to make informed lending decisions.
Kreditz’s main aim is to provide financial transparency and responsibility across the globe by using automated information retrieval and analysis of a loan applicant’s current income and expenses.
Ingka Group: What you need to know
With IKEA retail operations in 31 markets, Ingka Group is the largest IKEA retailer and represents about 90 per cent of IKEA retail sales.
It is a strategic partner to develop and innovate the IKEA business and help define common IKEA strategies.
Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V.
It has three business areas: IKEA Retail, Ingka Investments, and Ingka Centres.
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 that are accessible to more of the many people,” adds Poel.
