In January this year, the company raised $260m in the Series F round led by US-based financial services company Fidelity, at a valuation of $4.8bn
A branch of Andbank. (Credit: Mx. Granger/Wikipedia)
Brazil-based lending fintech Creditas has secured $50m in an extension of the Series F funding round from Andorra-based private bank Andbank and other investors.
In January this year, the company raised $260m in the Series F round led by US-based financial services company Fidelity, at a valuation of $4.8bn.
Creditas has raised a total of $830m from investors including SoftBank, Fidelity Investments, Wellington Management, QED Investors, Kaszek, VEF and Santander fund InnoVentures.
The company offers consumer loans through its online platform.
Creditas is purchasing the banking license of Banco Andbank (Brasil) to diversify the sources of funding and continue growing its credit portfolio.
Andbank will continue operating the private wealth and asset management business in a separate entity led having Creditas as a partner to explore strategic synergies in asset management and capital markets.
The deal is subject to regulatory approval, including Banco Central do Brazil (BCB), Conselho Administrativo de Defesa Economica (CADE) and Autoritat Financera Andorrana (AFA).
Furthermore, Creditas is raising a convertible note for an additional $150m to expand its ecosystem by pursuing strategic alternatives.
Creditas founder and CEO Sergio Furio said: “With the acquisition of its banking operation, we will be able to continue our fast growth with deposits as an additional source of funding.
“Capital markets will remain our main source of capital and now will be working together with the Andbank team to innovate in our capital markets funds including FIIs, FIDCs and CRIs.”
Andbank CEO Carlos Aso said: “We are excited to becoming Creditas’s shareholders, partnering with Sergio Furio. We are highly committed to create value to Creditas through our expertise in banking.”
The Andorran private banking company has $30bn under management, with around 1,200 employees working from more than 70 office locations across 11 countries.