Spanish banking giant Santander’s fintech venture capital arm Santander InnoVentures has made an undisclosed investment in Brazilian digital lending platform Creditas.

The investment mark’s Spanish banking giant’s first investment in Brazil and second in Latin America.

Creditas, founded in 2012, is a secured lending platform which offers consumer loans at affordable rates by using borrower collateral like homes and autos.

Creditas announced that its Series-C funding round increased by $5m after it was joined by Santander and Amadeus Capital. With the increase, the total funding stands at $55m.

The funding round led by Sweden’s Vostok Emerging Finance (VEF) also included Kaszek Ventures, Quona Capital, QED Investors, International Finance Corporation and Naspers Fintech.

Creditas, which has registered seven fold growth in the past 12 months, intends to utilise the new funds to develop new products and explore new markets.

Santander InnoVentures partner and head of investment Manuel Silva said: “Brazil is a core market for Santander, and we are excited to make our first investment in such a thriving ecosystem. We are strong believers in Brazilian fintech innovation and see Sergio Furio, Creditas’ founder and CEO, a great example of the new generation of entrepreneurs in Brazil who are redefining local financial services.

“We are very happy to join him and his world-class investors in shaping Creditas’ success.”