KSV1870 Enters the FinTech Scene as Strategic Investor

  • KSV1870 acquires 25.1 percent stake in Viennese startup FINcredible GmbH, a spin-off of researchers from the Vienna University of Economics and Business

  • Real-time economy: The digital FINcredible instant bank account analysis and KSV1870 information are retrievable within seconds

  • Bank account data takes credit information to the next level

Vienna, 10 October 2019 – FINcredible GmbH has been developing innovative services and products since 2017 in its effort to simplify business processes, including a digital on-the-spot solution for credit checking customers. The PSD2-compliant services offered by FINcredible GmbH provide a comprehensive and validated foundation for ID- and credit-related decisions. When renting out property, for example. The strategic investment in this Viennese startup will enable KSV1870 not only to respond faster to market developments and new trends when it comes to credit enquiries but also to reduce the complexity of such enquiries at the same time.

'By investing in FINcredible, we are not only taking an early initiative in forging our digital future but also getting off to a head-start in setting a new standard for credit inquiries by offering reliable KSV1870 data and PSD2-based information. At the end of the day, that's how we generate high added value for our customers,' explains Ricardo-José Vybiral, MBA, CEO of KSV1870 Holding AG. By venturing into the FinTech sector, the creditor association has taken another step forward in accomplishing its digitalisation agenda, reaffirming its future commitment to innovation and digitalisation also in the product segment. 'In partnering with FINcredible, we are creating an innovation-friendly environment and expanding our portfolio, which will allow us to further reduce the complexity of our products', says Vybiral.

An Information Mix as a Comprehensive Foundation for Decisions

When it comes to credit enquiries, customer expectations have evolved substantially over recent years. KSV1870 responded to these developments early on by introducing the fully digitalised InfoPass for Tenants. Being able to retrieve meaningful information in real time and to offer trusted findings thanks to individually configured data is now considered the cutting edge. This requires first-rate data that is verified on a daily basis and available 24/7 in order to minimize the customer's financial risk. 'From PoS to contract conclusion. Our solutions are used to perform credit checks and identity verifications quickly and conveniently directly on site while viewing a property. Around the clock,' explains Dr. Stephan Gasser, managing director and co-founder of FINcredible GmbH.

Bank Account Data on the Basis of PSD2

FINcredible compiles real-time information using verified bank account data updated on a daily basis. The legal basis for this fully GDPR-compliant process is the Payment Services Directive II (PSD2), which has been applicable across the EU since 2018. In providing such services, highest priority is given to protecting the privacy of the person on whom data is requested. Based on the digital account statement from the relevant house bank, FINcredible MietCheck only processes the data actually needed for the purpose of the credit check. However, before the information is actually transmitted, a customer must actively consent to the bank providing such findings to specific third parties. The landlord or real estate agent is only informed whether the prospective tenant can actually afford the apartment – without revealing any specifics on individual account movements being revealed. In this regard, FINcredible GmbH managing director and co-founder Christian Ochs reiterates: 'We erase the data from the queried digital account statement immediately and, also, the results of the check can be withdrawn from our portal at any time. As a result, account holders have control of their own data at all times.