Creditas, Brazil’s largest secured loan fintech, raised $50 million in July to buy the Brazilian banking licence of Andorran private bank Andbank. It financed the move by extending a January 2022 Series F round that had valued the company at $4.8 billion, up from a previous valuation of $1.75 billion in December 2020.
It is quite a contrast to publicly listed comparables such as Stone and PagSeguro, whose values fell by 60% in the first half of this year.
Sergio Furio, founder and chief executive of Creditas, says he bought the banking licence to broaden the firm’s funding base.
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