The consumer finance technology company Kreditech has announced its new business line, Online Point-of-Sales (POS) Financing, with its first client, PayU Global BV. PayU Global BV, a leading payment services provider and the e-payments division of Naspers Ltd., deploys Kreditech’s B2B2C solution. In the freshly launched beta phase with a selected merchant, PayU provides Kreditech`s installment products as a new alternative payment option.
The new integration allows customers to instantly finance their online purchases at charges comparable to local banks. Loan amounts are granted at up to EUR 5,000 and for a duration of up to 36 months. The process is fully paperless and is based on Kreditech’s innovative scoring technology combining it with state of the art KYC. Its user experience and user interface focus on the highest convenience for the customer.
Kreditech’s unique technology is able to provide a convenient offer to prime and non-prime customers who have little or no credit history. It performs a precise credit rating and offers credit at fair and 100% risk-weighted conditions. The new alternative payment method, also labelled under ‘Monedo Now’, is the latest addition to the Kreditech product portfolio. It is aimed to further drive the company’s vision to provide the highest customer convenience in the financial system through innovative technology across all customer segments.
Via its newly developed “credit as a service” API, Kreditech is planning further integration with clients from the online, payment and banking space. This loan product does not require to be collateralized and supports use-cases beyond POS finance of physical goods. For the future, finance of online services and travel are planned as well as direct integrations with online wallets, prepaid cards and banks aiming to enrich their consumer finance offerings.