Sweden

Swedish Open Banking Firm Kreditz Nets Funding From Ingka Investments, Creades

by Fintechnews Nordics May 8, 2023

Swedish open banking startup Kreditz has received funding from Ingka Investments, the VC arm of Ingka Group which operates IKEA retail stores, as well as Creades.

The investment is part of Kreditz’s latest funding round with investors contributing to a total of €10 million of equity capital.

The latest funding round will be used to accelerate Kreditz’s growth and expansion into new markets.

Founded in 2018, Kreditz helps banks and other financial institutions to analyse bank transaction data and get a comprehensive view of applicants’ profiles based on Open Banking and PSD2 data.

Peter van der Poel

Peter van der Poel, Managing Director at Ingka Investments said,

“Open-banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future. Financial inclusion sits close to our heart, and we are impressed with how far Kreditz has come in the short time they have been in the open banking market.

 

Their innovative solutions drive better understanding of customers’ finances while reducing credit risks, enabling better-priced financial services that are accessible to more of the many people.”

Roni Zacharion, CEO and Founder of Kreditz said,

Roni Zacharion

“Right now, the market, which is still immature, is developing at a record-breaking pace. More and more customers, such as banks and loan brokers, see the need to have access to accurate and fully automated real-time data that can enable better and smoother credit decisions.

 

In addition, regulations require moving away from template figures and using real customer information, Kreditz has a market-leading solution and we are pleased that such reputable investors as Creades and Ingka Investments share our vision of building a leading player in Europe in this area.”

Featured image credit: Peter van der Poel, Managing Director at Ingka Investments, Roni Zacharion, CEO and Founder of Kreditz. Edited from Freepik