Creditas announces expansion of Series-F round and recently closed M&A transactions
Creditas, the leading fintech platform for secured and specialized financial solutions, announces the expansion of its recently closed Series-F
São Paulo, July 8th, 2022
Creditas, the leading fintech platform for secured and specialized financial solutions, announces a US$50 million extension to its US$260 million Series-F financing round bringing the total to US$310 million. The round expansion brings in Andbank, the global private bank, and helps build a strategic partnership among both companies. Creditas is acquiring the banking license of Banco Andbank (Brasil) S.A., in order to diversify the sources of funding and continue growing its credit portfolio. Andbank will continue operating the private wealth and asset management business in a separate entity led having Creditas as a partner to explore strategic synergies in asset management and capital markets. This transaction is subject to regulatory approval including Banco Central do Brazil (BCB), Conselho Administrativo de Defesa Economica (CADE) and Autoritat Financera Andorrana (AFA).
In addition, Creditas is raising a convertible note for additional US$150 million to pursue selective strategic opportunities and continue expanding its ecosystem. This includes the recently closed acquisition of Kzas, a mortgage marketplace that, partnering with banks, delivers a unique digital experience to support real estate developers and brokers to offer property buyers with a digital mortgage product.
The additional funding will also help Creditas to continue supporting the accelerated growth of Voltz Motors, the electric motorcycle manufacturer that received a strategic investment from Creditas in 2021. Creditas has so far invested more than R$150 million in the company, including equity and debt, and has allowed Voltz to build its manufacturing facility in Manaus and grow to more than 2.500 motorcycles sold per month or 2.5% of the Brazilian motorcycle market.
“We are very excited about the future that is coming. The team at Creditas has been extremely resilient to the current market environment and is delivering a tremendous growth of 3.2x compared to the first semester of last year, while increasing efficiency and productivity. 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”, Sergio Furio, Founder & CEO of Creditas, adding “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 source of funding. Capital markets will remain our main source of capital and now will be working together with the Andbank team to innovate in our capital markets funds including FIIs, FIDCs and CRIs. Andbank has a track record of partnering with fintech companies in Brazil, having been a pioneer in providing banking services to allow others to innovate. They have also been successful in building a mortgage-focused digital bank in Spain, a very competitive market. They have the mentality and the DNA that we like and working with Carlos Aso again is going to be an amazing experience”.
“We are excited to becoming Creditas’s shareholders, partnering with Sergio Furió. We are highly committed to create value to Creditas through our expertise in banking" Carlos Aso, CEO of Andbank.
"Alongside Creditas, we will expand our range of services to real estate agents, significantly improving the experience of their clients and realtors" says Roberto Nascimento, Kzas founder. "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" adds Eduardo Muszkat, Kzas founder.
“We are very impressed with the partnership with Creditas that has supported our growth over the last year to become the reference company in electric mobility for Brazil. We managed to grow 10x thanks to financing becoming the preferred payment method for the motorcycle purchase since the investment of Creditas”, Renato Villar, Founder & CEO Voltz Motors.
Creditas is finalizing the migration from BR GAAP to IFRS accounting and will be publishing the results corresponding to Q1-2022 together with the Q2-2022 statements as well as a reconciliation of historical financials through IFRS. Revenues for the first half of 2022 posted at R$820mn, a 3.2x growth vs. the first half of 2021.
Creditas is the leading fintech platform for secured and specialized financial solutions focused on improving the lives of individuals in Latin America across 3 ecosystems: auto, home and employee benefits. The company provides a complete offering to its customers including fintech solutions, digital insurance and consumer solutions, using proprietary technology to deliver a unique customer experience. Its loan portfolio includes real estate, vehicle, and payroll-collateralized loans, providing access to different solutions and services with integrated financing and refinancing options. In consumer solutions, Creditas offers home renovation solutions, a proprietary online used car retail platform (Creditas Auto) and after its strategic investment in Voltz Motors, next generation EV motorcycles and scooters. In digital insurance, the company is the largest independent insurance broker in Brazil providing auto, residential and employment insurance in partnership with more than 16 carriers.
Founded in 2012 by Spanish Sergio Furio, it employs 4,000 people in Sao Paulo, Curitiba, Porto Alegre, Recife, Valencia (Spain), and Mexico City. International venture capital funds have invested over US$829 million in the company, and it has been ranked by KPMG, Business Insider, and Glassdoor as one of the world's most promising fintechs.
Andbank is a multinational group specializing in Private Banking with more than 30 billion usd in asset under management, more than 70 offices in 11 countries and a team of more than 1,200 professionals.
The firm stands out thanks to its network of bankers and specialists, with a wide range of experience in private banking and asset management.
Andbank has AAA Fitch rating in Brazil, where is present the year 2011. Andbank Brasil is the result of the merger of Banco BRACE, LLA Investimentos Triar and Capital. It manages 8 billion reals ($2 billion), has a staff of around 150 people and has private banking centers in Sao Paolo, Rio de Janeiro and Porto Alegre.
Andbank is one of the most dynamic firms in the private-banking sector. In 2018, it launched the neobank MyInvestor in Spain that offers deposits, low cost and digital mortgages and investment digital solutions. In 2019 it completed the integration of Grupo Merchbanc in Spain and in 2020 the business of Esfera Gestión and Bank Degroof Petercam Spain.
Kzas Krédito is a B2B2C digital real estate credit marketplace. The company was founded in 2019 by Roberto Nascimento, Eduardo Muszkat and Rodrigo Costa, who together have more than 50 years of experience in the real estate tech market. This Fintech empowers developers, real estate agents and brokers to offer their clients real estate credit and other financial solutions via a digital platform that makes it possible to simply simulate, compare options between several banks, contract and monitor the entire process until the registration in the notary, starting from the needs specific to each buyer.
About Voltz Motors
Voltz is a technology company with focus on electric mobility. Its main goal is to redefine the national market with the introduction of intelligent and non-polluting vehicles. Founded in 2019, the company has 9 stores in various Brazilian capitals, 55 pop-up stores across the country and employs 355 people. In May 2021, Voltz received a 100 million investment from Creditas, one of the main credit fintechs in Brazil. The company's product catalog includes the EV1 Sport scooter, the EVS street model and the Miles cargo tricycle. The street model also comes in a version for professional use, the EVS Work. Another product offered by Voltz is the Voltz Station battery exchange system, where the user can recover its autonomy by exchanging a discharged battery for a fully charged battery. There are already 45 stations operating in the city of São Paulo. In 2021, the company entered into a partnership with Ifood. The goal was to facilitate the purchase of electric vehicles by delivery people. In 2022, Voltz inaugurated the country's first electric vehicle factory in the Manaus Free Trade Zone, which increased its production capacity up to 15,000 units per month
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