SAO PAULO : Brazilian financial technology lender Creditas is raising $200 million from investors and buying a bank as well as a mortgage startup as it moves to increase profitability, Chief Executive Sergio Furio said in an interview.
"Getting retail deposits as a new alternative for funding will improve our margins," Furio told Reuters. The lender previously funded itself only through the capital markets. In the same interview, Andbank Chief Executive Carlos Aso said selling the banking license will reduce its capital needs, allowing growth in private banking and wealth management.
Andbank will become a minority shareholder in Creditas, participating in a $50 million extension of the funding round Series F, in which Creditas raised $260 million at a $4.8 billion valuation in January.