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Kreditech Holding SSL GmbH
Limited liability company
(Gesellschaft mit beschränkter Haftung)
IndustryFinancial Services
Key people
David Chan (CEO)
ProductsOnline financial products
(primarily loans)
Number of employees

Kreditech (a trading name of Kreditech Holding SSL GmbH) is a German online lender which offers loans to individuals based on their creditworthiness which is analyzed using their online data instead of using traditional credit rating information.[1] Founded in 2012 by Sebastian Diemer and Alexander Graubner-Müller, Kreditech is headquartered in Hamburg, Germany; it particularly focuses its efforts on emerging markets.[2]


Kreditech uses a self-learning algorithm which analyzes big data. It calculates an individual's credit score in seconds using up to 20,000 data points.[3] Kreditech uses location-based information (GPS), social networking information (likes, friends, locations and posts), hardware data (operating system, browser, etc.), online shopping behavior and general online behavior in order to determine a loan applicant’s creditworthiness.[4]


Kreditech operates in Poland, Spain, Russia, Romania, and India[5]. The company currently employs 500 people, with the headquarters in Hamburg, Germany.[6] Kreditech currently runs its operations via multiple online lending platforms such as Kredito24.[7]


In 2014 Kreditech closed a $40 million Series B round. Värde Partners led the deal together with current shareholder Blumberg Capital. Point Nine Capital and other shareholders also participated in the round.[8] This funding round was the largest ever for a German financial services tech firm, and is one of the largest rounds in Germany in 2014. From 2012 to 2014, Kreditech raised a total of $65 million USD.[9] In January 2015 the company raised a further $200m in credit line from Victory Park Capital.[10] The company will use the newly obtained funds to further develop its existing product portfolio and expand its operations to new markets.[11] In April 2015 Kreditech was included in Forbes Magazine's list "The Next Billion Dollar Startups",[12] effectively being the only German company to make the list. In September 2015, Kreditech raised EUR 82.5m in Series C financing round led by J.C. Flowers & Co.[13]


On January 14, 2015, Kreditech has acquired 100% of Sp. z o. o. (Kontomierz) for a seven digit amount plus Kreditech shares. Kontomierz makes software named Kontomatik to verify client identity (KYC) and gain read-only access to bank accounts. [14] Kreditech stated it will support the expansion of Kontomierz in global markets such as Brazil, Mexico, Russia and Spain.[15] [16]


Kreditech Holding SSL GmbH started in February 2012 as kredito OFS GmbH and launched its first platform in March 2012.[17] offered short-term micro loans to customers of up to €400. After launch of the service, was criticized heavily for trying to circumvent German legislation against usury as customers had to pay for a mandatory "credit-worthiness certificate" which cost €49.90, was valid for 30 days and whose cost was not reflected by the displayed effective interest rate. By German law an effective interest has to be communicated to a customer,[18] all fees associated with a loan have to be included in the effective interest[19] and the effective interest rate must not be substantially above market interest rates.[20] was accused of usury by a spokesperson from the "Hamburger Verbraucherzentrale",[21] a German institute for consumer protection, who called the service "dubious". After a couple of months closed its German platform.[22] The now defunct platform was rebranded and restarted as Kreditech in late 2012.[23] The company no longer offers loans in Germany, and has since eliminated the mandatory purchase of the controversial "credit-worthiness certificates" in all of their markets.[24] While not offering short-term loans in Germany any longer, Kreditech is still criticised for offering short-term loans with effective yearly interest rates of several thousand percent. In Poland, for example, a customer is charged fees equal to an interest rate of 3305% for a 30-day loan with a face value of 502 zloty.[25] In Mexico a customer is charged fees equivalent to an effective interest rate of 6231% for a 7-day loan with a face value of 1000 Mexican Peso.[26]

Customer Data Leak[edit]

The company had a leak of applicant data in November 2014 which the Hamburg police are investigating. The information was leaked from within by someone who worked at the company according to the Kreditech spokesperson.[27]


  1. ^ "Kreditech sammelt Rekordsumme von 40 Millionen Dollar ein". June 24, 2014. Handelsblatt. Retrieved 26 August 2014.
  2. ^ Fowler, Nina. "Samwer brothers' Global Founders Capital co-invests millions in Wonga rival Kreditech". 22 April 2013. VentureVillage. Archived from the original on 23 April 2013. Retrieved 8 August 2014.
  3. ^ Kolbrück, Olaf. "Kurz vor 9: Buchhandel will Amazon mit Kartellamt ausbremsen, Amazon spart Papier, Kreditech, 3Suisses, Reserved, Mobile Commerce". 25 June 2014. etailment. Retrieved 11 August 2014.
  4. ^ Karew, Gleb. "Big Data: Online-Kreditgeber Kreditech schließt Finanzierungsrunde ab". 24 June 2014. Webmagazin. Retrieved 8 August 2014.
  5. ^ "Celebrating the India Launch". 15 March 2018. Retrieved 21 September 2018.
  6. ^ "Kreditech Raises $40M in Series B Funding". 24 June 2014. FinSMEs. Retrieved 8 August 2014.
  7. ^ "Kreditech sammelt Rekordsumme von 40 Millionen Dollar ein". June 24, 2014. Handelsblatt. Retrieved 26 August 2014.
  8. ^ "Germany's Kreditech Scores $40M for Automated Lending". 25 June 2014. Dow Jones & Company, Inc. Retrieved 8 August 2014.
  9. ^ Butcher, Mike. "Credit Rating Startup Kreditech Raises A $40M Series B Round". 24 June 2014. TechCrunch. Retrieved 11 August 2014.
  10. ^ Lunden, Ingrid. "Kreditech Gets $200M Credit Line To Fuel Its Big-Data Based Consumer Lending Business". 22 January 2015. TechCrunch. Retrieved 16 February 2015.
  11. ^ "Hamburger Start-up Kreditech erhält 40 Millionen Dollar". 24 June 2014. Hamburger Abendblatt. Retrieved 8 August 2014.
  12. ^ "Next Billion Dollar Startups". 17 April 2015. Forbes. Retrieved 28 April 2015.
  13. ^ "Kreditech Nabs $92M To Build Financial Services For The 'Underbanked'". September 28, 2015. TechCrunch. Retrieved 24 November 2015.
  14. ^ "Kreditech acquires top Polish fintech company Kontox - Kreditech". Retrieved 2016-10-04.
  15. ^ "PE-backed Kreditech bolts on Kontomierz | Unquote". Retrieved 2016-10-04.
  16. ^ Lunden, Ingrid. "Kreditech Gets $200M Credit Line To Fuel Its Big-Data Based Consumer Lending Business". TechCrunch. Retrieved 2016-10-04.
  17. ^ "Kredito adaptiert das wonga-Modell für Mikrokredite". 15 March 2012. Retrieved 11 September 2014.
  18. ^ "§ 6, Preisangabenverordnung". Retrieved 11 September 2014.
  19. ^ "§ 6, Preisangabenverordnung". Retrieved 11 September 2014.
  20. ^ "Gabler Wirtschaftslexikon - Zinswucher (Usury)". Gabler Wirtschaftslexikon Online. Retrieved 11 September 2014.
  21. ^ "Vorsicht vor ihren Internet-Krediten!". 11 May 2012. Hamburger Morgenpost. Retrieved 10 September 2014.
  22. ^ "Kredito vor Neustart: Umstrittener Hamburger Kreditdienst holt Bank an Bord". 11 June 2012. Retrieved 11 September 2014.
  23. ^ Hofmann, Alex. "Kredito heißt nun Kreditech". 6 November 2012. GRÜNDERSZENE. Retrieved 11 September 2014.
  24. ^ Martin U. Müller, Marcel Rosenbach and Thomas Schulz. "Living by the Numbers: Big Data Knows What Your Future Holds". 13 May 2013. DER SPIEGEL. Retrieved 11 September 2014.
  25. ^ "Kreditech – Wucherkredite mit bis zu 6231% effektivem Jahreszins". 2 March 2014. Retrieved 4 March 2014.
  26. ^ "Kreditech – Wucherkredite mit bis zu 6231% effektivem Jahreszins". 2 March 2014. Retrieved 4 March 2015.
  27. ^ "Kreditech Investigates Insider Breach". 15 March 2015. Krebs on Security. Retrieved 22 November 2015.

External links[edit]