RIGA, Latvia--(BUSINESS WIRE)--Today, Creamfinance, a leading consumer finance provider and the fastest-growing European fintech, announced the closure of a €21 million deal in Series B financing with Capitec Bank Holdings Limited (“Capitec”). 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.
For additional information about Creamfinance: www.creamfinance.com
For additional information about Capitec: www.capitecbank.co.za