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Creditas nabs US$200 million from SoftBank

This post is also available in: esEspañol (Spanish)

Contxto – The speculations were true; the Japanese conglomerate Softbank has formalized its intentions to invest US$200 million in the Brazilian fintech startup, Creditas. The round set the company’s valuation at US$700 million post-money.

In Summary

SoftBank executives announced the big news at a recent dinner party, according to the Brazil Journal. Based on the report, the Brazilian lending market is still unexplored territory for large banks, hence the interest.

This development comes after a few months of uncertainty. Originally, SoftBank was planning to facilitate a joint investment between its Vision Fund and long-awaited Innovation Fund worth US$5 billion.

We have reached out to Creditas to verify if the company will be joining other Latin American startups, such as Rappi and Clip, tapping into the Innovation Fund.


Originally known as Easy Bank, Sergio Furio and Leandro da Costa founded Creditas in 2012 as a credit lender. In 2016, they started implementing a model where borrowers use a property or vehicle as loan collateral. This model greatly reduces the chance of default to less than 2 percent. Credits range between R$5 thousand and R$2 million, approximately US$1.3 thousand to US$518 thousand.  

The monthly average interest rate on overdrafts and credit cards in over 13 percent. With Creditas, however, the company charges 2 percent interest for vehicle-based loans and 1.25 percent on property-based loans.

So far, Creditas has distributed more than US$500 million of loans. At the same time, the company continues to grow at a steady pace. Net revenue increased threefold in 2016, seven times in 2017, and five times in 2018. The company’s goal is to grow by 27 before 2022.

There is over R$10 trillion (over US$2 trillion) in assets (between vehicles and real estate) in Brazil, according to a Creditas’ estimate.

Since the founding, Creditas has raised US$88 million during various investment rounds. The most recent was a Series C worth US$55 million from December 2017 to April 2019. Past investors have included Vostok, Kaspersky Ventures, Repoint, Naspers, and QED.


Jacob Atkins
Jacob Atkins is a journalist specializing in Latin America. He studied journalism and international relations at American University in Washington, D.C. and has previously reported from Chile, Ecuador, Haiti and Mexico. When he isn't writing he's most likely hiking or drawing.


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