Brazilian secure online lending platform Creditas, founded by Endeavor Entrepreneur Sergio Furio, announced the closing of a Series C fundraising round this January led by Vostok Emerging Finance with participation from Endeavor Catalyst, Kaszek Ventures, Quona Capital, QED Investors, International Finance Corporation and Naspers.
Built to restructure Brazilians’ debt with lower interest rates and higher maturity, Creditas uses innovative analytics and borrowers’ assets to offer loans charging one-fourth to one-half of what banks and unsecured Brazilian lenders do. It funds loans using capital from institutional investors or through partnerships with traditional financial institutions using houses and automobiles as collateral. The only digital platform for secured loans in the country, the five-year-old company has originated a little over USD $100M in collateralized loans, with a default rate of less than 1%.
“We’re thrilled to partner with Sergio and the amazing team at Creditas,” shared Allen Taylor, Managing Director of Endeavor Catalyst. “As a founder and CEO, Sergio embodies everything we look for in a high-impact Entrepreneur.”
Founded in 2012, Creditas has grown rapidly, growing from 110 employees to 326 in just the past year alone. The recent investment will continue to expand the company’s labor force and work on its relationship with regulators, Furio told TechCrunch in a December 2017 piece highlighting the company’s innovative model and high growth.
“After growing seven times in the last 12 months, we are looking forward to continue investing in building a great company, improving our technology platform and expanding our product portfolio. In the loans funding side, institutional investors continue being our primary source of funding and this round will allow us for further experimentation in new products and segments,” Furio commented.
Creditas was recently selected into the Endeavor network at the 76th International Selection Panel in Miami in December 2017. Sergio has worked with Endeavor Brazil for several years already, actively engaging the Endeavor network to build relationships with local mentors. With Endeavor Brazil’s support, Creditas will continue tackling the challenge of educating Brazilian borrowers and making secure loans mainstream. Sergio also actively supports other entrepreneurs in the local ecosystem as an investor and mentor himself.