Capitec Bank Invests €21M in European Fintech Creamfinance. This round follows a €5 million in Series A investment from international venture capital fund Flint Capital. Capitec is listed on the South African stock exchange and is the parent company of Capitec Bank that played a major role in revolutionizing banking in South Africa. The funds will be used to accelerate the company’s international expansion and introduction of a full product portfolio in existing markets. Following the investment, Capitec will nominate up to two directors on Creamfinance’s board.
Creamfinance anticipates that the investment will allow the company to expand even more rapidly and will facilitate delivery on their world mission to make finance more accessible.
"We are excited about this investment from a leading bank that, like ourselves, emphasizes technology and operational efficiency and the acknowledgements of our ability to scale fast", said Matiss Ansviesulis, Co-Founder & CEO of Creamfinance. “This investment also marks a potential new beginning in fintech and banks‘ cooperation, especially since so many hold opposing views“.
Consumer finance services provider Creamfinance was founded in 2012 in Latvia and has achieved consistent growth gaining top 3rd – 5th position in each of the operating markets. The company is currently operating in six countries both within and outside of Europe. Utilizing advanced smart data algorithms and machine-learning capabilities to quickly evaluate and score, Creamfinance offers a highly customized approach to the personal loan process in a speedy and reliable manner and aims to become a one-click loans provider to consumers globally.
The company has been ranked as the second-fastest growing company in Europe by Inc.5000 Europe ranking.
For additional information about Creamfinance: www.creamfinance.com
For additional information about Capitec: www.capitecbank.co.za