Creditas lands $50m, acquires Andbank’s Brazilian banking licence

Brazilian consumer finance fintech Creditas has secured a $50 million extension to its $260 million Series F funding round.

Creditas lands $50m Series F extension

The latest capital injection saw participation from Andorra-based private bank Andbank and represents the beginning of a strategic partnership between the two firms.

Creditas is set to acquire Andbank’s Brazilian banking licence in order to diversify its sources of funding and grow its portfolio of credit products.

Andbank will continue operating its private wealth and asset management business in a separate entity with Creditas serving as a partner to explore “strategic synergies” in asset management and capital markets.

Sao Paolo-based Creditas is also raising a convertible note for an additional $150 million in funding to pursue strategic acquisition opportunities.

Creditas CEO and founder Sergio Furio says the company has been “extremely resilient” to the current market environment, witnessing substantial growth.

“The expansion of our Series F in the current environment will help us consolidate our position and maintain the high growth we have experienced,” he says.

“With the acquisition of Andbank’s banking operation, we will be able to continue our fast growth with deposits as an additional source of funding.”