Germany-based Smava, a consumer loan portal, has secured $65 million in funding. Vitruvian Partners led the round with participation from Runa Capital. In addition to the funding, Jussi Wuoristo, a partner at Vitruvian Partners will join Smava’s advisory board.
Berlin, 9th of January 2018 – smava, Germany’s largest independent consumer loan portal, today announced that it has closed a $65 million investment which is led by growth private equity firm Vitruvian Partners, with additional participation from other investors including Runa Capital. Vitruvian is an independent European private equity firm which invests into technology growth companies. Jussi Wuoristo, Partner at Vitruvian Partners will join the advisory board of smava.
“We are dedicated to executing our mission to make personal loans transparent, fair and affordable for consumers,” says Alexander Artopé, CEO and co-founder of smava. “The new capital will allow us to better serve consumers, continue developing our scoring technology and to expand into new market segments. We are thrilled about Vitruvian Partners joining smava. Vitruvian will bring deep expertise from successfully working with fast growing consumer marketplaces and we also share a common vision for smava and the industry we operate in. We are also grateful for the continued commitment of Runa Capital, as well as that of our other longstanding investors Verdane Capital and Earlybird”.
“We are delighted and excited to be backing a company that is instrumental in transforming the financial services industry in Germany”, said Jussi Wuoristo, Partner at Vitruvian Partners. “As a thought leader in this space, smava has proven that its marketplace model combined with continuous technological innovation materially enhances the experience and alternatives available to consumers. smava also adds significant value to the product providers by offering an attractive direct online channel to high quality prime customers. The online penetration for personal loans continues to grow fast in Germany and smava is uniquely positioned to accelerate and benefit from this trend. We look forward to working with Alexander and his team.”
smava is the only loan portal in Germany which offers a transparent market overview of 70 loan offers, both third-party loans from over 25 banks as well as loans which are funded by private lenders. In this way, borrowers can choose the deal most favourable to them and save up to €2,000. smava has developed and continuously refined its proprietary credit scoring technology since 2007. With this, the company established a superior platform to bring together borrowers and lenders in offering the most attractive rates for each borrower.