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Don't worry, we speak : Español (Spanish), too!

Creditas Raises US$50 Million and Buys Banking License From Andbank in Brazil

The new capital is an extension of the Series F raised by the fintech at the beginning of 2022.

Don't worry, we speak : Español (Spanish), too!

The Brazilian company, dedicated to secured lending and other financial services, announced in a press release a partnership with Andbank, from Andorra, who are investing US$50 million in a Series F extension that the fintech had in January when it was valued at US$4.8 billion.

Part of the deal is that Creditas is buying Andbank’s banking license in Brazil, a transaction that is still subject to regulatory approval. According to the Brazilian financial newspaper Valor Econômico, the license was valued at US$95 million.

The founder and CEO of Creditas, the Spaniard Sergio Furio, told the newspaper that, with the purchase of the license, they do not plan to become a traditional bank but to use it to diversify their sources of financing. 

Along with this news, Creditas announced the raising of a US$150 million convertible note (debt that converts into equity in the future). This has allowed them to acquire Kzas, a real estate marketplace, and to reinvest in Voltz Motors, the local electric motorcycle manufacturer in which they had invested US$100 million last year. According to Valor Econômico, they will inject a further US$9.5 million in Voltz.

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