South African company invests €21m in Latvian finance firm

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South African company Capitec Bank Holdings Limited (Capitec) has invested €21 million in Latvian consumer finance provider Creamfinance.

The deal is the next round of investment intended to accelerate the company’s international expansion and introduction of a full product portfolio in existing markets. Following the investment, Capitec will nominate up to two directors on Creamfinance’s board.

This round follows a €5 million in Series A investment from international venture capital fund Flint Capital.

Capitec is listed on the South African stock exchange and is the parent company of Capitec Bank.

"Given their expansion and focus on operational excellence, Creamfinance has emerged as a leading personal finance provider in Europe”, said Capitec CEO Gerrie Fourie.

"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," he said.

"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," said Matiss Ansviesulis, a co-founder and CEO of Creamfinance.

Consumer finance services provider Creamfinance was founded in 2012 in Latvia.

The company operates in six countries within and outside of Europe. 

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