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CBSS aligns with fintech firms to capture 30% of Brazil's digital credit market

Brazil's Banco CBSS SA is initiating partnerships with financial technology firms with the aim of securing a 30% market share of the fast growing digital credit market by 2018, Reuters reported.

Under the partnership, fintech firms will reportedly receive loan applications and filter risk profiles of borrowers for the bank, the actual lender, according to the newswire.

"Our funding is competitive and substantial and the fintech firms can secure borrowers at a much lower cost than we would have done by physical means," CBSS' chief Carlos Giovane reportedly said.

CBSS' first partnership is with Bom Pra Crédito, a digital marketplace with around half a million personal loan clients, the report noted.