Who would get excited about an extension of personal credit? The people in Brazil who had been accustomed to the horror of 120%APR on personal loans and 480%APR on revolving credit cards before Creditas disrupted the personal loan market in Brazil, that’s who.
Founder and CEO of Spiralem, Bruno Diniz, a fellow fintech frontrunner and startup mentor, told Quarterly Tech in an interview that “The Creditas case is a great one! Their model is interesting because they are able to offer cheaper credit, based on collateralized debt. Here in Brazil, it is quite difficult to make such loans, and they have been able to make this process easy and automated. Many large VCs are investing in the company: Vostok Emerging Finance (VEF), IFC (fintech arm), Quona Capital, Redpoint Ventures, etc. They will be raising additional capital in 2018 as well.”
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