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Nubank teams up with Creditas for secured loans

Two of Brazil’s most important fintechs are joining forces to improve access to digital lending options. Nubank will now offer its Brazilian customers access to secured loans, thanks to a partnership with Creditas .
Nubank customers should be able to access Creditas’ loan products through its app by the end of the year, the Latin American neobank said in a  Sept. 13 announcement previously reported by Reuters .
That partnership has the potential to deepen, as Nubank said in two years it could make the decision to hold up to 7.7% of Creditas’ shares. 
Creditas’ valuation rose to $1.75 billion in December 2020 , following a $255 million Series E funding round led by LGT Lightstone. That followed a $231 million round led by Japan’s SoftBank Group Corp. in 2019.
Creditas’ secured loans allow its customers to use real estate, cars or even their salaries as collateral in the lending process, which aims to help them unlock lower interest rates. The company was founded by Sergio Furio in 2012 as an answer to Brazil's traditionally-high lending rates.
Nubank already offers personal loans for its Brazilian customers who have a digital account and credit card with the company, with varying interest rates depending on the month and number of installments. The neobank estimates that more than 2.5 million people have used these loans, according to its website.
Nubank, which is also developing services in Argentina, Colombia and Mexico, has been in growth mode over the past few years to broaden its financial offerings. Most recently, it purchased the merchant-focused, instant payment platform Spin Pay . © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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