Capitec to acquire 40% stake in Creamfinance for €21m

Source: Capitec

Creamfinance is registered in Cyprus and the group provides online consumer loan products in a number of countries, including Poland, Latvia, Georgia, the Czech Republic, Mexico and Denmark.

Capitec said its business model, sophisticated technology and advanced credit scoring methods aligned with its own business model, as well as supported its long-term digital strategy.

"We believe that Creamfinance will provide Capitec's management with the opportunity to gain experience in entering and operating in foreign countries, more specifically advancing credit in the international and online environment and to work with a foreign partner to manage an international business," Capitec said.