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Brazil fintech Creditas receives new capital contribution worth 165M reais

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Brazil fintech Creditas receives new capital contribution worth 165M reais

Brazil-based Creditas Soluções Financeiras Ltda. has closed a new round of capital contributions that reached 165 million Brazilian reais, the largest investment received by a local financial technology company this year, Valor Econômico reported.

Swedish fund Vostok Emerging Finance led the new investment, with other partners including Redpoint eVentures, Kaszek Ventures, Quona Capital, QED Investors, IFC and Naspers Fintech also contributing.

This is the second round of capital contributions raised by Creditas in 2017, as it also received 60 million reais in capital last February, the report said.

The fintech company reportedly plans to use the contribution to expand its team and invest in the development of new credit products with guarantees. Creditas looks to triple its size each year for the next three years, according to founder Sergio Furio.

In addition to capital, the company raised 200 million reais in investor resources this year to fund credit operations. It plans to raise another 300 million reais in 2018.

Creditas, which emerged in 2013 as Bank Fácil, provides personal credit to borrowers with collateral in automobiles and real estate.

As of Dec. 8, US$1 was equivalent to 3.31 Brazilian reais.