Kreditz raises €10m equity to expand credit scoring services

By Gloria Methri

Swedish credit information startup Kreditz, a Nordic market leader in credit scoring and verification services, has raised €10 million of equity capital. The funding round was led by Ingka Investments and Creades, both making minority investments in the start-up.

Kreditz, founded in 2018, helps banks and other financial institutions to analyse bank transaction data and get a 360-degree view of applicant profiles based on Open Banking and PSD2 data. The company aims to bring financial transparency and responsibility across the globe through automated information retrieval and analysis of a loan applicant’s current income and expenses.

Peter van der Poel Managing Director, Ingka Investments said, “Open-banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future. Financial inclusion sits close to our heart, and we are impressed with how far Kreditz has come in the short time they have been in the open banking market. Their innovative solutions drive better understanding of customers’ finances while reducing credit risks, enabling better-priced financial services that are accessible to more of the many people.”

The latest funding round will be used to accelerate the company’s growth and expansion into new markets.

“More and more customers, such as banks and loan brokers, see the need to have access to accurate and fully automated real-time data that can enable better and smoother credit decisions. In addition, regulations require moving away from template figures and using real customer information, Kreditz has a market-leading solution, and we are pleased that such reputable investors as Creades and Ingka Investments share our vision of building a leading player in Europe in this area,” said Roni Zacharion, Kreditz CEO and Founder.

Ingka Investments makes majority and minority investments in cutting-edge companies, including start-ups, that can create synergies or are important for our core business.