Cream Finance, a European company that provides short-term consumer loans, has raised $6.2 million (€5 million, both debt and equity) from Flint Capital, a globalized Russian venture fund launched last year.
Founded in 2010, Cream Finance is the parent company of CreditOn, LendOn, and CreditOne, consumer credit services that operate in Latvia, Czech Republic, Poland, Georgia, and Slovakia. Cream Finance uses data to quickly evaluate, score, and make short-term loans to its customers.
The startup also uses technology to automate as much of its process as possible to speed up its lending to consumers. “The future will see our algorithm become a self-teaching, adaptive scoring system, which will shrink manual input to a minimum with the best possible results for maximizing profit,” believes CTO Markus Kranner.
The company claims to serve several thousand customers and to have tripled its revenue in 2014. The average loan it disburses is for €142.8 ($114) at an average term length of 25.2 days.
“Flint’s investment will allow us to increase our product portfolio and will facilitate expansion into new markets like Southeast Asia,” said Davis Barons, co-CEO of Creamfinance.
“In the future, we intend to become a one-stop mobile shop for loans, instalment loans and plastic cards,” he added.
