Kreditech acquires top Polish fintech company KontoX , a leading provider of account aggregation technology
Kreditech, the consumer finance technology Group, has acquired 100% of Kontomierz.pl Sp. z o. o. (Kontomierz) for a seven digit amount plus Kreditech shares. Kontomierz has built a market leading technology named KontoX to verify client identity (KYC) and gain read-only access to bank accounts. KontoX provides a missing API to bank systems. The
API uses a sophisticated financial technology that works worldwide with any bank.
Kontomierz has net revenues around 1m EUR at positive EBIT and three digit annual growth. Founded in 2009, Kontomierz has built a European-wide brand with renowned B2B clients such as Alior Bank and Idea Bank. The 16-strong team based in Warsaw will stay as an independent section within the Group. For its CEO and founder, Marcin Truszel, now belonging to Kreditech is a remarkable step to accelerate and diversify the growth of Kontomierz: “Kreditech has a unique big data credit scoring technology. We are now part of its vision to serve the 4 billion unbanked and underbanked individuals worldwide. This is the ideal platform for our international expansion and further profitability.” Kontomierz, as the CEO states, will hire talent by opening up more than ten new positions. As in many other business sectors, Kreditech provides infrastructure, reputation and network for HR.
The acquisition marks an important milestone for Kreditech. It follows a clear strategic rationale to strengthen the Group’s position as one of the leading global financial technology companies. “With its technology Kontomierz enables us to get unique data in real-time. Our subsidiary companies will hence provide an even better banking service to a bigger target group. A perfect marriage, indeed.” explains Sebastian Diemer, founder and CEO of the Kreditech Group. “Kontomierz provides worldclass personal finance management tools and technological excellence. This is a cornerstone for the next stage of our strategy to build a personal finance ecosystem”, confirms Rene Griemens, the Group’s CFO.
Both Kontomierz and Kreditech will benefit from significant synergies. Kreditech will support Kontomierz with global market entries in Brazil, Mexico, Russia and Spain, scheduled for 2015, and together they can continue Kreditech Group’s rapid growth of 500% percent per annum. Focusing on building a one-stop shop for personal finance for customers worldwide, the Group’s unique technology uses big data gathered from 15,000 data points for its proprietary self-learning credit scoring algorithms. Since its launch in 2012, Kreditech’s innovative technology has served two million consumers in nine countries. It is the fastest growing company in consumer finance technology in Europe with a lending run rate of more than EUR 100 million.
The Kreditech Group uses big data and complex machine-learning algorithms to serve a simple mission: “Building a ‘digital bank’ for the unscored worldwide.” The Kreditech Group is split into two parts: “Kredi” stands for the subsidiaries operating as financial service providers that issue credit to private individuals. The second part, “tech” is the Hamburg-based tech company – Kreditech Holding – developing banking technology and providing supporting services. Based on 15,000 data points its proprietary technology allows it financial service providers to acquire, identify, score, pay out and upsell customers within seconds. Automated processes combined with self-learning algorithms ensure fast and convenient customer service while minimizing costs and space for human error. The Kreditech Group’s subsidiaries operate in nine countries. Deploying the technology, they offer products from risk based loans and microloans developing to more complex financial services to consumers such as prepaid credit cards. Founded in 2012 by Sebastian Diemer (CEO) and Alexander Graubner-Müller (CTO) the Kreditech Group has a revenue run rate of 55m USD and a team of 200 passionate employees from 40 nations working on the algo-banking of the future.
Kontomierz is the leading provider of account aggregation technology in Europe. Having developed unique expertise in the field of financial information, we have been providing valuable B2B and B2C services for many years. The flagship KontoX Service API allows for automated, programmatic, readonly access to online bank accounts of arbitrary individuals provided they granted consent. This enables instant identity verification (KYC) and financial data retrieval. Financial institutions deploy KontoX to perfect their product range for consumers and SMEs. This includes account switching (automated migration of relevant data from the previous account including standing orders, direct debits, recurring transfers, recipient directory), credit facility (automated preliminary assessment of customer creditworthiness that saves the customer the effort of providing the relevant documents if financing is not granted), and proving a customer’s identity towards third parties. KontoX technology supports over 50 banks across Poland, Russia, Spain, Czech and Slovakia. Kontomierz is also known for creating and operating the acclaimed Personal Finance Management tool kontomierz.pl.
Kontomierz was founded in 2009 by Marcin Truszel (CEO).