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Swedish Open Banking Startup Kreditz Raises €10 Million

Swedish open banking startup Kreditz has announced that it has managed to attract investment funds for 10 million euros.

Swedish Open Banking Startup Kreditz Raises €10 Million

Source: Pixabay.com

The startup received these funds from the investment company Creades and the venture division of the retail furniture giant Ikea.

The firm uses open banking and PSD2 data to provide automatic information retrieval and analysis of the current income and expenses of the loan applicant. Currently, the company serves 80 clients across Europe, including the Ikea banking platform Ikano Bank, Collector Bank, DnB, Lendo, and SaveLend.

Kreditz was launched in 2019. Last year, the startup increased its turnover by 278%, to 20 million Swedish kronor (1.78 million euros). As part of the new investment round, the company’s value was estimated at 40 million euros.

Creades CEO John Hedberg says that as the first investor in Tink, which itself creates the PSD2 infrastructure, the company sees Kreditz taking a few more steps and providing more added value in addition to the infrastructure with its ready-made products and solutions that help banks and financial institutions optimize and make better products for customers.

For Ikea, this investment is the latest in a series of financing rounds related to financial services from Ingka Investments, which owns stakes in the UK credit scoring and risk decision-making platform DirectID, the climate data platform Doconomy, a division of BNPL Jifiti and Ikano Bank.

Peter van der Poel, Managing Director of Ingka Investments, says that credit risk analysis with the support of open banking is an industry that can increase the value of the financial services offered by this company. He also noted that the availability of services is of particular importance for his firm, and the results of Kreditz’s promotion in this direction in a short time are impressive. Peter van der Poel noted that the startup’s innovative solutions contribute to a better understanding of clients’ finances while reducing credit risks and providing financial services at more favorable prices.

As we have reported earlier, Mavenir Raises $100 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.