Sebastian Diemer and the rise of Kreditech
Kreditech is an innovative new business located in Hamberg, Germany . Sebastian Diemer is a serial entrepreneur whose rise to prominence has been both swift and impressive. The 26-year old is a graduate of the London School of Economics, following which he held the position as Global Expansion Manager at the Berlin-headquartered Rocket Internet. Now he has his sights set on becoming "The Amazon of Consumer Lending" through his latest start-up.
Diemer may have only founded Kreditech in 2012 along with Alexander Graubner-Muller, but the innovative startup already employs 100 people across a global network of offices in Mexico City, Sydney, Prague, Barcelona and Ukraine. And the Hamburg-based business is changing the way personal finance products are provided in emerging markets. Using a complex system of algorithms, or big data, the company's proprietary technology identifies and scores applicants online in a matter of seconds, giving them instant access to credit.
Kreditech's primary focus is on emerging payday loan markets, such as the Czech Republic and Russia. In February, Australia became its sixth market in less than two years, with Peru, the Dominican Republic and Slovakia all due to follow later this year. Via its platforms Kredito24 and Zaimo, the customer is able to complete the application process paperless in seconds online, mobile or via SMS and receive the funds in their bank account, a credit card or directly at an ATM in under 15 minutes.
The rapid expansion has been fuelled by a host of keen investors, including Global Founders Capital and Blumberg Capital. A $15 million credit line was negotiated with Kreos Capital in February, further underlining the strength of Kreditech's business model and better yet, in June they closed a $40m series B funding round, the largest ever for a German financial services technology company. With both an experienced team and a financial war chest behind it, this is certainly one to watch.