Germany-based peer-to-peer platform, smava, recently announced that it has captured $16 million during a funding round that was led by Phenomen Ventures.
According to Tech Crunch, Phenomena Ventures worked along side existing investors Earlybird and Neuhaus Partners for the funding round and the investment takes the total raised by Smava to nearly $30 million.
In a recent statement, Alexander Artopé, CEO of smava, announced:
“This fresh capital enables us to accelerate our business growth as well as to fulfill our vision of offering fully-automated loans to borrowers at best rates in the near future. The funding will also be used to advance smava’s scoring technology, hire the best talent and further fuel growth.”
The media outlet revealed that the funds will help smava compete against rivals, including Auxmoney, which is backed by Index, Union Square Ventures, Foundation Capital, among others and raised $16 million last year.
As part of the investment, Igal Weinstein, a general partner at Phenomen Ventures, is set join Smava’s board.