AAA Naspers lends a hand as Creditas raises $19m

Naspers lends a hand as Creditas raises $19m

Brazil-based online loan provider Creditas has raised $19m in a series B round backed by Naspers Ventures, the corporate venturing arm of media and e-commerce group Naspers, Reuters reported yesterday.

The round included International Finance Corporation, the private sector-focused investment arm of multilateral financial institution World Bank, and Redpoint eVentures, a joint venture formed by US-based venture capital firms Redpoint Ventures and eVentures, according to a company statement.

Founded in 2011 as BankFacil, Creditas operates an online refinancing platform that enables consumers to put up an asset such as a car or home as a loan guarantee. It rebranded from BankFacil at the same time as it announced the series B round.

Creditas will use the capital to form new distribution channels while cutting the minimum interest rate on its secured loans from 2.15% to 1.99% per month. It also plans to grow its technology and product teams, according to Brazilian daily Estadão.

The company had previously raised R$30m($9.8m), in funding most recently closing a R$25m series A round in June 2016 that featured Redpoint eVentures, Kaszek Ventures, Quona Capital and QED Investors.

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