Poland-based consumer loans platform Creamfinance closed a €21m ($22.9m) series B round on Monday led by financial services firm Capitec Bank.
Founded in 2012, Creamfinance has built an online platform that offers loans to individual borrowers, relying on machine learning technology and smart data algorithms to evaluate and score a user’s creditworthiness.
The cash will support accelerated international expansion efforts and the introduction of a fully-fledged product suite in Creamfinance’s existing markets. The company is currently operating in Poland, Latvia, the Czech Republic, Georgia, Denmark and Austria.
Capitec will name up to two directors for Creamfinance’s board. The funding follows €5m in series A capital provided by venture capital firm Flint Capital in 2014.
Gerrie Fourie, chief executive of Capitec, said: “Given their expansion and focus on operational excellence, Creamfinance has emerged as a leading personal finance provider in Europe.
“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.”
Matiss Ansviesulis, co-founder and CEO of Creamfinance, added: “We are excited about this investment from a leading bank that, like ourselves, emphasises technology and operational efficiency and the acknowledgements of our ability to scale fast.
“This investment also marks a potential new beginning in fintech and banks’ cooperation, especially since so many hold opposing views.”