gesellschaft mit beschr nkter haftung industry financial services founded 2012 headquarters hamburg germany key people alexander graubner m ller ceo products online financial products primarily loans number of employees 300 website http www.kreditech.com 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 m ller kreditech is headquartered in hamburg germany ; it particularly focuses its efforts on emerging markets . 2 contents 1 technology 2 operations 3 funding 4 acquisitions 5 criticism 6 customer data leak 7 references 8 external links technology edit kreditech uses a self learning algorithm which analyzes big data . it is capable of calculating 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 operations edit kreditech operates in poland spain czech republic russia and mexico . the company currently employs 300 people with the headquarters in hamburg germany . 5 kreditech currently runs its operations via three online lending platforms kredito24 zaimo and flexinero . 6 funding edit in 2014 kreditech closed a 40 million series b round . v rde partners led the deal together with current shareholder blumberg capital . point nine capital and other shareholders also participated in the round . 7 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 . 8 in january 2015 the company raised a further 200m in credit line from victory park capital . 9 the company will use the newly obtained funds to further develop its existing product portfolio and expand its operations to new markets . 10 in april 2015 kreditech was included in forbes magazine s list the next billion dollar startups 11 effectively being the only german company to make the list . in september 2015 kreditech raised eur 82.5 m in series c financing round led by j.c. flowers & co. 12 acquisitions edit on january 14 2015 kreditech has acquired 100 % of kontomierz.pl sp . z o. o. kontomierz for a seven digit amount plus kreditech shares . kontomierz has built a market leading technology named kontomatik to verify client identity kyc and gain read only access to bank accounts . kontomatik provides a missing api to bank systems . the api uses a sophisticated financial technology that works worldwide with any bank . 13 kreditech stated it will support the expansion of kontomierz in global markets such as brazil mexico russia and spain . 14 it will be a whole new experience for our customers . what amazon has done for commerce we would like to do for how you manage your own finances . says rene griemens . 15 criticism edit kreditech holding ssl gmbh started in february 2012 as kredito ofs gmbh and launched its first platform kredito.de in march 2012 . 16 kredito.de offered short term micro loans to customers of up to 400 . after launch of the service kredito.de 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 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 17 all fees associated with a loan have to be included in the effective interest 18 and the effective interest rate must not be substantially above market interest rates . 19 kredito.de was accused of usury by a spokesperson from the hamburger verbraucherzentrale 20 a german institute for consumer protection who called the service dubious . after a couple of months kredito.de closed its german platform . 21 the now defunct platform kredito.de was rebranded and restarted as kreditech in late 2012 . 22 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 . 23 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 . 24 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 . 25 customer data leak edit the company had an isolated internal security incident in november 2014 and that hamburg police are investigating . intensive security tests involving external experts lead to the conclusion that a very small set of application data was affected not from customers but only from credit applicants . the information was leaked from within by someone who worked at the company according to the kreditech spokesperson . 26 highest security standards confirmed that the kreditech system can not be accessed from externally . references edit kreditech sammelt rekordsumme von 40 millionen dollar ein . june 24 2014 . handelsblatt . retrieved 26 august 2014 . fowler nina . samwer brothers global founders capital co invests millions in wonga rival kreditech . 22 april 2013 . venturevillage . retrieved 8 august 2014 . kolbr ck 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 . karew gleb . big data online kreditgeber kreditech schlie t finanzierungsrunde ab . 24 june 2014 . webmagazin . retrieved 8 august 2014 . kreditech raises 40m in series b funding . 24 june 2014 . finsmes . retrieved 8 august 2014 . kreditech sammelt rekordsumme von 40 millionen dollar ein . june 24 2014 . handelsblatt . retrieved 26 august 2014 . germany s kreditech scores 40m for automated lending . 25 june 2014 . dow jones & company inc. retrieved 8 august 2014 . butcher mike . credit rating startup kreditech raises a 40m series b round . 24 june 2014 . techcrunch . retrieved 11 august 2014 . lunden ingrid . kreditech gets 200m credit line to fuel its big data based consumer lending business . 22 january 2015 . techcrunch . retrieved 16 february 2015 . hamburger start up kreditech erh lt 40 millionen dollar . 24 june 2014 . hamburger abendblatt . retrieved 8 august 2014 . next billion dollar startups . 17 april 2015 . forbes . retrieved 28 april 2015 . kreditech nabs 92m to build financial services for the underbanked . september 28 2015 . techcrunch . retrieved 24 november 2015 . kreditech acquires top polish fintech company kontox kreditech . retrieved 2016 10 04 . pe backed kreditech bolts on kontomierz unquote . retrieved 2016 10 04 . lunden ingrid . kreditech gets 200m credit line to fuel its big data based consumer lending business . techcrunch . retrieved 2016 10 04 . kredito adaptiert das wonga modell f r mikrokredite . 15 march 2012 . deutsche startups.de . retrieved 11 september 2014 . 6 preisangabenverordnung . dejure.org . retrieved 11 september 2014 . 6 preisangabenverordnung . dejure.org . retrieved 11 september 2014 . gabler wirtschaftslexikon zinswucher usury . gabler wirtschaftslexikon online . retrieved 11 september 2014 . vorsicht vor ihren internet krediten . 11 may 2012 . hamburger morgenpost . retrieved 10 september 2014 . kredito vor neustart umstrittener hamburger kreditdienst holt bank an bord . 11 june 2012 . deutsche startups.de . retrieved 11 september 2014 . hofmann alex. kredito hei t nun kreditech . 6 november 2012 . gr nderszene . retrieved 11 september 2014 . martin u. m ller 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 . kreditech wucherkredite mit bis zu 6231 % effektivem jahreszins . 2 march 2014 . toptestsieger.de . retrieved 4 march 2014 . kreditech wucherkredite mit bis zu 6231 % effektivem jahreszins . 2 march 2014 . toptestsieger.de . retrieved 4 march 2015 . kreditech investigates insider breach . 15 march 2015 . krebs on security . retrieved 22 november 2015 . external links edit official website retrieved from https en.wikipedia.org w index.php title kreditech & oldid 742695301 categories 2012 establishments in germanycompanies based in hamburgcompanies of germany navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view 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