 "Naspers' PayU invests $110 mn in German fintech firm Kreditech")
Germany-based Kreditech, a leading technology group for digital consumer credit using machine learning-based underwriting, has had a €110-million investment from PayU, the global online payment service provider.
This is the largest ever equity investment in a German financial technology (fintech) company and builds on a successful 12-month programme in Poland, stated PayU.
PayU is the fintech arm of South African investor Naspers, which bought Citrus Pay in India. It plans to use this partnership to develop its credit portfolio in India. In April, it launched LazyPay, an online deferral payment facility to drive faster purchase experience for small-size purchases.
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