Cream Finance, a European company that provides short-term consumer loans, has raised $6.2 million (€5 million) in new funding from Flint Capital.
Cream Finance is the parent company of CreditOn, LendOn, and CreditOne, consumer credit services that operate in Latvia, Czech Republic, Poland, Georgia, and Slovakia. Cream Finance uses data to quickly evaluate, score, and make short-term loans to its customers. It also uses technology to automate as much of its process as possible to speed up its lending to consumers.
According to Cream Finance’s website, the average loan it disburses is for €142.8 ($114) at an average term length of 25.2 days. Moreover, while 31 percent of first-time loans are approved, 88 percent of subsequent loans are approved. The 25-to-33-year-old demographic is Cream Finance’s biggest customer group (31 percent), followed by the 25 and under (22 percent).
The company plans to use its new funding in part to expand to Southeast Asia. Cream Finance was founded in 2010.