Name change: Kreditech becomes Monedo
Kreditech changed its name to Monedo. The company is a point of sale (PoS) lender. The online lender claims to have over a million customers who have received over 2 million loans.
In a statement, Monedo said it is seeking to “further increase its position in the Indian, Polish, Russian and Spanish quasi-prime loan markets.” Monedo is based in Germany.
Simultaneously, Monedo CEO David Chan said the company is on track to achieve positive “adjusted operating cash flow” by the fourth quarter of this year. Topline turnover was estimated at 43 million euros for the 2019 financial year.
Monedo has raised over 45 million euros, led by HPE Growth and Runa Capital.
Chan said the name change marked the next step in a fundamental transformation as the company moved from startup to scale:
“Throughout 2019, we have focused on successfully making the business transition to growth by focusing on improving operational efficiency, risk and cost management capabilities, and strengthening of our products and services. This focus, combined with strong support from our investors, means we are perfectly positioned to achieve our goals. “
Today, Monedo operates in India, Poland, Russia and Spain.
Founded in 2012, the company focuses on online lending to clients in the near-premium segment. Installment loans are Monedo’s key product and represent up to two-thirds of its global portfolio.
Chan added that Monedo is able “to effectively attract and serve clients with a variety of different risk profiles, enabling financial inclusion, while positioning the company at the forefront of artificial intelligence development and decision-making ”.