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Saturday, 27.04.2024, 02:00
Capitec Bank invests €21M in European fintech Creamfinance
This round follows a €5 million in Series A investment from
international venture capital fund Flint Capital.
Capitec is listed on the South
African stock exchange and is the parent company of Capitec Bank that played a major role in revolutionizing banking in
South Africa. The funds will be used to
accelerate the company’s international expansion and introduction of a full
product portfolio in existing markets. Following the investment, Capitec will nominate up to two directors
on Creamfinance’s board.
"Given
their expansion and focus on operational excellence, Creamfinance has emerged as a leading personal finance provider in
Europe”, said Gerrie Fourie, CEO of Capitec. “We are impressed by Creamfinance’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”.
Creamfinance
anticipates that the investment will allow the company to expand even more rapidly
and will facilitate delivery on their world mission to make finance more
accessible.
"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", said Matiss
Ansviesulis, Co-Founder & CEO of Creamfinance.
“This investment also marks a potential new beginning in fintech and banks‘
cooperation, especially since so many hold opposing views“.
Consumer
finance services provider Creamfinance
was founded in 2012 in Latvia and has achieved consistent growth gaining top 3rd
– 5th position in each of the operating markets. The company is
currently operating in six countries both within and outside of Europe.
Utilizing advanced smart
data algorithms
and machine-learning capabilities to quickly evaluate and score, Creamfinance
offers a highly customized approach to the personal loan process in a speedy
and reliable manner and aims to become a one-click loans provider to consumers
globally.
The company
has been ranked as the second-fastest
growing company in Europe by Inc.5000 Europe ranking.