Latvian startup Creamfinance attracts 21 million EUR investment

The Latvian startup company Creamfinance announced a 21 million EUR deal with the South African bank Capitec Bank Holdings Limited (Capitec). The transaction is the second investment round and it will help the company to expand its operations. The first business expansion in the amount of EUR 5 million was funded by the international venture capital fund Flint Capital.

"We are very pleased about the investment made by one of the leading banks, especially since this bank, as we focus on technology and operational efficiency, is also pleased to receive recognition for our rapid growth," says Matīss Ansviesulis, "Creamfinance" Co-founder and manager. "This investment marks a possible new start in the field of financial engineering companies and banking cooperation, and this is an important moment, especially given the many complaints about the likelihood of such cooperation."

Consumer finance services provider Creamfinance was founded in 2012 in Latvia and has achieved consistent growth since, launching brands in five markets across Europe. Utilizing advanced 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. In 2014 Creamfinance raised 5 million euros from an international venture capital fund Flint Capital, investing across US, Israel and Europe. In Latvia, the company is operating under the brands CreditOn and Ladyloan. The company has recently been ranked as the second-fastest growing company in Europe by the prestigious Inc.5000 Europe ranking. Creamfinance recently launched operations in Mexico.

Source: Labs of Latvia