Brazilian digital lending platform Creditas has announced a $50m extension to its $260m Series F funding round and acquired Andbank’s Brazilian banking licence.
The fintech is also raising a convertible note for an additional $150m to expand its ecosystem by pursuing strategic alternatives.
Creditas revealed that it will leverage Andbank’s banking licence to diversify its funding sources and grow credit portfolio.
The fintech also hopes to explore strategic synergies in asset management and capital markets via its partnership with Andbank, which will continue operating the private wealth and asset management business.
The funding comes close on the heels of the acquisition of mortgage marketplace Kzas, which will enable Creditas to offer digital mortgage products in partnership with banks.
Furthermore, Creditas, which also operates in the electric vehicle (EV) space, plans to use the proceeds to accelerate the growth of Voltz Motors, an electric motorcycle manufacturer.
Creditas founder & CEO Sergio Furio said: “The expansion of our Series-F in the current environment will help us consolidating our position and maintain the high growth we have experienced in the last years.
“We have known the Andbank’s team for years, they have a global brand very respected in Brazil. With the acquisition of its banking operation, we will be able to continue our fast growth with deposits as an additional funding source.
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.”
Kzas founder Eduardo Muszkat said: “We are very excited to work developing new products and a new credit distribution channel with Creditas, consolidating our position as the developers’ main partner in financing properties for their clients.”
In December 2020, Creditas raised $255m in funding at $1.75bn valuation.