German consumer finance company Kreditech has raised €10 million from Japan’s Rakuten, Inc. Rakuten joins an investor list which includes J.C. Flowers and the World Bank’s International Finance Corporation. The funds will be allocated toward developing Kreditech’s partnership business.
Rakuten FinTech Fund’s Michael Piechalak joins Kreditech’s board as an observer.
“Rakuten invests directly into our mission to improve financial freedom for the underbanked through technology,” Kreditech founder and CEO Alexander Grabner-Müller said.
Kreditech CFO Rene Griemens said they hope to work with Rakuten to develop business in Asia.