p Kreditech, the German startup backed by Peter Thiel, Rakuten and the IFC that creates credit ratings and provides finance to people who may not otherwise have credit histories, has raised another round of funding from one of its strategic partners.

PayU, the payments company owned by Naspers that is known by some as the “PayPal of emerging markets” — its business is mainly in providing payment services to online merchants — is investing €110 million ($120 million) in Kreditech.

The companies are not officially disclosing Kreditech’s valuation, but sources tell TechCrunch that it’s higher than the previous valuation (which we last estimated was about €300 million) but less than €500 million.

As CFO Rene Griemens describes it, services like Kreditech are important in economies where there is little credit card penetration nor existing credit histories, and so therefore limited options for how to pay for items over an extended period when you don’t the money to do so up front.

The service in Poland issued €10 million in credit to users, and now the plan will be to expand this relationship to more markets where PayU operates.

It’s specifically developing a stronger focus in India, where Naspers — as part of a larger investment strategy in emerging markets — acquired CitrusPay via PayU for $130 million and has made other bets in e-commerce.

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