Latvian Creamfinance has just confirmed a series B financing of €21 million with Capitec Bank Holdings Limited (“Capitec”).
This round follows a €5 million in Series A investment from international venture capital fund Flint Capital. Gerrie Fourie, CEO of Capitec commented that the investment was initiated primarily due to the company’s focus on Smart Data scoring and its business model which was developed in such a way that new countries can be entered swiftly and efficiently, requiring limited investment in local infrastructure.
According to the Co-Founder & CEO Matiss Ansviesulis, the funds will be used to accelerate the company's international expansion and introduction of a full product portfolio in all existing countries - Latvia, Poland, Czech Republic, Georgia, Denmark, Austria and Mexico. "We are excited about this investment from a leading bank that, like ourselves, emphasizes technology and operational efficiency and the acknowledgements of our ability to scale fast", commented Ansviesulis.
Creamfinance has been in the media spotlight for for being named one of the fastest-growing companies in Europe for the second year in a row, as well as being named the "Most Innovative Consumer Finance Company in Latvia" in 2016.
Creamfinance is a lending platform that uses machine-learning to automate risk evaluation for loans, and are working towards their goal of becoming a one-click consumer lending platform.