Berlin-based smava, a marketplace for consumer loans, has secured a $65 million investment led by private equity firm Vitruvian Partners. Russian fund Runa Capital also contributed to the round.
The platform allows consumers to take out loans online from banks with the company taking a small percentage as its revenue model. The investment will help it further develop its technology and reach new markets, said CEO Alexander Artopé.
“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,” he said.
“The online penetration for personal loans continues to grow fast in Germany and smava is uniquely positioned to accelerate and benefit from this trend,” added Jussi Wuoristo, partner at Vitruvian, who will be joining the company’s advisory board.