2 Min Read
JOHANNESBURG (Reuters) - South Africa's Naspers' (NPNJn.J) PayU unit has invested 110 million euros ($119 million) in a German financial technology company with the aim of bringing credit services to underbanked markets around the world, it said on Wednesday.
The announcement follows a pilot program managed by Germany's Kreditech and PayU, which offered Polish consumers improved access to credit in a real-time online process, Naspers said in a statement.
As part of the deal, PayU also bought a significant minority stake in Kreditech, it said, without disclosing the size.
The investment is part of PayU's plan to become a leading financial technology provider in high growth markets, it added.
"At PayU we believe in the enormous potential of technology to unlock credit and financial services for under-served populations," said PayU Chief Executive Laurent le Moal.
"This latest investment in Kreditech fits perfectly with this vision."
Kreditech, headquartered in Hamburg, Germany is an online lender which offers loans to individuals.
Reporting by Nqobile Dludla, editing by David Evans