MICROCAPITAL BRIEF: Kredits Receives $4.5m Investment From Danish Investment Vehicle Sophia to Develop New Microfinance Technology

Kredits, a US-based company that specializes in microfinance technology solutions, recently announced that it received an investment of USD 4.5 million from Danish investment vehicle, Sophia, to develop unspecified new technologies for the microfinance sector and expand its global presence. Don Eggert, CEO and co-founder of Kredits expressed his enthusiasm for the partnership with Sophia, saying, “We are excited about our partnership with Shailendra Robin Patel, founder of Sophia ApS, who helped build Saxo Bank into one of the world’s leading online financial institutions. Robin’s experience in building successful financial services will strengthen our ability to meet growing demand for business driven solutions. Our commitment is to help MFIs [microfinance institutions] accelerate their outreach in providing financial services to the world’s poor on an affordable basis.” Kredits is slated to present its latest technological developments at the Microfinance Centre Annual Conference in Prague in May. As of March 2011, Kredits has partnered with thirty microfinance institutions worldwide. Financial details are not available on Kredits or Sophia. For the latest on technology in microfinance, please visit: https://www.microcapital.org/category/technology/.

By Julie Moksim, Research Associate

About Kredits: Kredits was founded by Don Eggert and Nancy Schmaus in 1998 in Salt Lake City in the US state of Utah. The organization specializes in technology solutions for the microfinance industry. According to Kredit’s website, its mission is “To help expand financial services and increase outreach to the world’s poor and to provide the microfinance industry with solutions that improve operational efficiency, increase scalability, and offer long-term sustainability.” As of March 2011, Kredits has partnered with thirty microfinance institutions worldwide. Financial details on Kredits are not available.

Sources and Additional Resources:

Kredits Press Release: “Kredits Receives USD $4.5M Investment to Develop New Microfinance Technologies and Expand Global Presence”, http://www.prnewswire.com/news-releases/kredits-receives-usd-45m-investment-to-develop-new-microfinance-technologies-and-expand-global-presence-117981664.html

Microfinance Event, May 18 – May 2011, Prague: 14th Annual Microfinance Centre (MFC) Conference, “Reorienting Microfinance Towards Balanced Growth”, https://www.microcapital.org/microfinance-event-14th-annual-microfinance-centre-mfc-conference-%e2%80%9creorienting-microfinance-towards-balanced-growth%e2%80%9d-may-18-%e2%80%93-20-2011-in-prague-czech-republic/

MicroCapital’s Microfinance Universe Profile: Kredits

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kredits

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse

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