Kreditech, a German data analytics startups focused on credit and banking services, is taking on an additional €10m ($11m) for its Series C round.
The capital comes from International Finance Corporation (IFC), a World Bank division that focuses on economic development. It brings the round which was first announced in September last year, to more than €92.5m ($104m).
The round’s other investors include PayPal co-founder Peter Thiel, Amadeus Capital Partners and Blumberg Capital.
The company aims to provide credit and financial services to people with little or no credit history, who it claims are often neglected by mainstream financial institutions. It does this through proprietary credit scoring technology that processes up to 20,000 data point to evaluate individual’s applications.
The Hamburg-based firm has now raised a total of more than $150m over seven rounds of funding.
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