European fintech, Creamfinance has closed a €21m funding in Series B financing from Capitec Bank.
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.
"Given their expansion and focus on operational excellence, Creamfinance has emerged as a leading personal finance provider in Europe”, said Gerrie Fourie, CEO of Capitec.
“We are impressed by Creamfinance’s focus on Smart Data scoring and its business model which was developed in such a way that new countries can be entered swiftly and efficiently, requiring limited investment in local infrastructure”.
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".