Santander InnoVentures Enters Brazilian Fintech Market Through Creditas Investment

Santander InnoVentures, the fintech venture capital arm of Spanish bank Santander Group, made an undisclosed investment in Brazilian fintech Creditas.

The investment in Creditas, a digital online lending platform, marks Santander’s first venture into the Brazilian fintech landscape.

While terms of the investment were not disclosed, Creditas announced a $5 million increase to its previously announced Series-C funding round (which was $55 million with the increase). That increase was attributed to the addition of Santander InnoVentures, as well as Amadeus Capital Partners, as investors.

The Series C round was led by Sweden-based Vostok Emerging Finance (VEF), and included Kaszek Ventures, Quona Capital, QED Investors, International Finance Corporation, and Naspers Fintech.

In a statement today, Manuel Silva, partner and head of investment at Santander InnoVentures, said:

Brazil is a core market for Santander, and we are excited to make our first investment in such a thriving ecosystem. We are strong believers in Brazilian fintech innovation and see Sergio Furio, Creditas’ founder and CEO, a great example of the new generation of entrepreneurs in Brazil who are redefining local financial services. We are very happy to join him and his world-class investors in shaping Creditas’ success.

Based in San Paulo, Brazil, Creditas was launched in 2012. It is a digital-first secured lending platform that offers Brazilians home and auto secured loans at more affordable rates.

Read more at Santander and Finextra.

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