Globalscope deal: Kreditech acquires top Polish fintech company Kontomierz
Kreditech, the consumer finance technology Group, has acquired 100% of Kontomierz.pl Sp. z o. o. (Kontomierz) for a seven digit amount in cash 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 Europe-wide brand with renowned B2B clients such as Alior Bank and Idea Bank. The team of 16 based in Warsaw will stay as an
independent section within the Group.
For its CEO and founder, Marcin Truszel, becoming part of 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 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, the unbanked and the underbanked individuals. A perfect marriage, indeed”, explains Sebastian Diemer, founder and CEO of the Kreditech Group. “Its worldclass personal finance management tools and its technological excellence will be a cornerstone for the next stage of Kreditech’s 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 Spain, Mexico, Russia and Brazil, 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.