The statement said as part of the deal, Kreditech and PayU had agreed to a global partnership to deliver a joint proposition for "point of sale" finance.
According to the statement, the investment is the largest-ever equity investment in a German fintech company and builds on a successful 12-month pilot programme in Poland.
"Kreditech will expand its Lending as a Service (LaaS) offering and deliver its unique AI (artificial intelligence) and machine-learning credit underwriting and loan management technology to PayU's 300,000-strong network of merchants," it said.
"The announcement follows a successful pilot programme managed by Kreditech and PayU, offering Polish consumers improved access to credit in a real-time online process. The pilot programme issued more than EUR 10 million in credit."
The statement noted that through this financing, PayU had acquired a significant minority stake in Kreditech.
"Kreditech's and PayU's...partnership is the first such strategic cooperation pact between a payment service provider and a technology-driven consumer finance company," it added.
Kreditech's LaaS product line is an API (application programme interface)-based solution, which enables partners to offer tailor-made consumer financial products to their customers built on top of its technology and machine-learning based underwriting.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.