Swedish open banking startup Kreditz has successfully raised €10 million from investment company Creades and the venture arm of retail furniture giant Ikea.
Kreditz leverages open banking and PSD2 data to automate the retrieval and analysis of a loan applicant’s current income and expenses. The company boasts a clientele of 80 customers across Europe and the UK, including Ikea’s banking platform Ikano Bank, Collector Bank, DnB, Lendo, and SaveLend.
Founded in 2019, Kreditz experienced substantial growth last year, with a turnover increase of 278%, reaching approximately SEK 20 million for the full year. The latest funding round values the company at €40 million.
Creades CEO John Hedberg commented, “As an early investor in Tink, which developed the PSD2 infrastructure itself, we see how Kreditz builds on that foundation, delivering added value with its finished products and solutions that assist banks and financial institutions in streamlining and optimizing customer decision-making.”
For Ikea, this investment aligns with a series of funding initiatives by Ingka Investments in financial services. The firm holds stakes in UK-based credit scoring and risk decisioning platform DirectID, climate data platform Doconomy, BNPL service Jifiti, and Ikano Bank.
Peter van der Poel, managing director of Ingka Investments, expressed, “We believe that open-banking-enabled credit and risk insights can enhance Ingka’s financial services offerings in the future. Financial inclusion is important to us, and we are impressed with Kreditz’s progress in the open banking market in a short time. Their innovative solutions provide deeper insights into customers’ finances while mitigating credit risks, enabling better-priced financial services.”