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Creditas Office (Túlio Vidal / Disclosure)
SÃO PAULO – A Credits, fintech credit with vehicle guarantee (car equity) and real estate (home value), became the youngest Unicorn Brazilian.
Fintech announced on Friday (18) the capture of a series E round of $ 255 million and, with that, its investors valued it at more than a billion dollars, specifically in $ 1.75 billion.
The E series round was led by the LGT Lightstone fund, which contributed to Brazilian startups such as CargoX and Dr. Consulta. Creditas also added new funds to its swimming pool from investors such as Tarsadia Capital, Wellington Management, e.ventures and Sunley House Capital (from Advent International).
Funds from previous rounds also participated in the new contribution, such as Amadeus Capital Partners, Kaszek Ventures, SoftBank Latin America Fund and VEF. In total, fintech raised US $ 570 million in five rounds of foreign investment.
Creditas has long since abandoned the common size of most startups. Founded in 2012, fintech currently has 1,800 employees. Its loan portfolio reached more than R $ 1 billion in the third quarter of 2020.
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For its investors, however, there is still a market to explore. “Creditas is at the beginning of a journey to penetrate the under-explored credit market in Brazil and Mexico,” said Paulo Passoni, operating partner at SoftBank Latin America Fund.
According to Creditas, the new capital injection will allow expanding the product offering in three verticals: fintech, consumer solutions and internationalization to Mexico.
In addition to vehicle and property guarantee credit, Creditas offers services such as real estate consulting, renovations, vehicle financing, salary advances, payroll loans, and a virtual store with a discount on employee salaries.
Creditas claims to have recovered the results of the first quarter of this year in the third quarter, which recorded revenues of R $ 78.8 million. September was the best month in the history of fintech companies, with revenues of R $ 30.4 million.
Accumulated between January and September 2020, Creditas accumulates revenues of R $ 232.1 million, compared to R $ 111.9 million in the same period of 2019. However, in the last line of the balance, the fintech companies closed the same period at a loss. of R $ 129.4 million.
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