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German based online banking startup, Kreditech, has raised $92m in Series C funding from investors such as Peter Thiel. Kreditech's focus is on providing credit and banking products for consumers with little or no credit history. Although the company is unprofitable, it claims it's valuation has "more than doubled".
Kreditech today does most of its business in Poland, Spain, the Czech Republic, Mexico and Russia, using its platform to pitch not to users who might have other access to credit and banking facilities, but those who lack the credit history to borrow money through other means. Kreditech gets around this conundrum with technology: the company has developed algorithms that weigh up some 20,000 different data points to assess an application. Greimens says that 2 million people have been scored, and the company has extended 500,000 loans to date.
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