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Kreditz Funding

May 8 2023

Kreditz Secures €10 Million Funding from Creades and Ikea’s Venture Arm

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Swedish open banking startup Kreditz has raised €10 million in a funding round led by investment company Creades and Ingka Investments, the venture arm of furniture retail giant Ikea. Kreditz leverages open banking and PSD2 data to automate the retrieval and analysis of loan applicants’ income and expenses, streamlining the decision-making process for financial institutions.

Since its launch in 2019, Kreditz has grown rapidly, boasting 80 customers across Europe and the UK, including Ikano Bank, Collector Bank, DnB, Lendo, and SaveLend. In 2021, the company achieved a 278% increase in turnover, reaching approximately SEK 20 million for the year. The recent investment round values Kreditz at €40 million.

Creades CEO John Hedberg commented on the investment, stating, “As an early investor in Tink, which builds the PSD2 infrastructure itself, we clearly see how Kreditz takes a few more steps and delivers great added value on top of the infrastructure with its finished products and solutions that help banks and financial institutions to streamline, and make better, customer decisions.”

The investment in Kreditz is the latest in a series of financial services-related funding rounds by Ingka Investments, which holds stakes in UK-based credit scoring platform DirectID, climate data platform Doconomy, BNPL provider Jifiti, and Ikano Bank.

Peter van der Poel, managing director of Ingka Investments, said, “Open-banking-enabled credit and risk insights is an area we believe can add value to Ingka’s financial services proposition in the future. Financial inclusion sits close to our heart, and we are impressed with how far Kreditz has come in the short time they have been in the open banking market. Their innovative solutions drive better understanding of customers’ finances while reducing credit risks, enabling better-priced financial services.”

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Peter van der Poel

Peter van der Poel

Ingka Investments

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Kreditz

Kreditz
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