Contxto – One of Brazil’s largest private banks, banco BV (previously known as Banco Votorantim) announced the acquisition of loaning platform, Just, last week. Brazilian fintech, Guiabolso, developed this solution. However, the price tag for this purchase was undisclosed.
BVx, the innovation business unit of banco BV, handled the proceedings. This specialized arm is in charge of connecting the bank with the startup ecosystem. Banco BV’s objective was to expand its credit line-related operations. It also wants to use Just’s platform to enable customized credit solutions for each client.
Both banco BV and Guiabolso will continue to work together in developing Just.
Just offers loans that are exactly/precisely/specifically the right fit
Guiabolso created Just in 2016 to facilitate personalized loans. The platform offers an analysis feature that estimates how much a person needs to borrow by reviewing their bank account, income, ongoing loans, investments, and expenses.
With that estimate in mind, a person can make an informed request for a loan to Just. The platform will analyze the applicant’s bank account information and verify their identity in order to determine if their loan will be approved or not.
In any case, according to Just, the process from applying for a loan to evaluation is completed in five minutes. If the loan is approved, within 30 hours, the funds are deposited into the borrower’s account.
It’s reported that the platform has completed more than 65,000 loans worth around R$500 million (approximately US$123 million) since its launch.
-ML
