Brazil’s secured lending platform Creditas is getting ready to expand its product offering, after obtaining a banking license as well as a mortgage marketplace.
The company is reportedly acquiring Brazil‘s banking license of Andorra’s Banco Andbank, allowing it to take customer deposits.
As part of the transaction, Andbank has effectively become a minority shareholder in Creditas, adding to the Brazilian Fintech company’s $260 million Series F investment round by $50 million.
As noted in the update, Creditas is also raising a convertible note for an additional $150 million in order to pursue certain strategic opportunities while continuing to expand its ecosystem. It has also acquired Kzas, a mortgage marketplace,
Sergio Furio, CEO at Creditas, stated:
“With the acquisition of its banking operation, we will be able to continue our fast growth with deposits as an additional source of funding.”
As covered in January 2022, Latin American Fintech Creditas confirmed a $260 million Series F financing round, leaving it with a valuation of $4.8 billion.
The company raised $829 million across six fundraising rounds. Fidelity joined as a new key shareholder along with Actyus (a Spanish fintech investment fund) and Greentrail Capital.
Existing shareholders QED Investors, VEF, SoftBank Vision Fund 1, SoftBank Latin America Fund, Kaszek Ventures, Lightock, Headline, Wellington Management and Advent International, via their affiliate Sunley House Capital, also participated in this round. The funds were earmarked to further developing home, auto and employee benefits offerings.
As reported in December 2020, Brazilian lending firm Creditas had secured $255 million in capital as Fintech startups across Latin and South America continued to attract large investments.
Creditas’ credit portfolio had reportedly surpassed 1 billion reals (appr. $196.66 million) by December 2020 and the funding round valued the firm at approximately $1.75 billion (at the time, but now a lot higher). Notably, Creditas had acquired $570 million in outside financing through five different investment rounds.
Creditas had been the latest firm to benefit from a surge in funding provided to Fintechs or financial services companies based in Latin and South America.
