European fintech company, Creamfinance LLC, announced on Monday it received a €21 million investment from South Africa’s Capitec Bank during its Series B funding round. The new round of funding comes just after the company secured €5 million during its Series A round from international venture capital fund, Flint Capital.
“Given their expansion and focus on operational excellence, Creamfinance has emerged as a leading personal finance provider in Europe. 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.”
Matiss Ansviesulis, Co-Founder and CEO of Creamfinance, added:
“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. This investment also marks a potential new beginning in fintech and banks‘ cooperation, especially since so many hold opposing views.”
Creamfinance added the investment would be used for expansion.