SoftBank confirms $200m investment in Creditas
The Japanese tech giant, SoftBank, has confirmed it plans to invest $200 million in the Brazilian fintech start-up, Creditas, setting the company’s valuation at $700 million after the acquisition.
The announcement was made at a recent dinner party, as reported by the Brazil Journal.
Originally, SoftBank was planning a joint investment between its Vision Fund and its Innovation Fund worth $5 billion, as Bloomberg reported.
Creditas was founded by Sergio Furio and Leandro da Costa in 2012 as a credit lender under the original name of Easy Bank.
In 2016, the start-up started implementing a model where borrowers use a property or vehicle as loan collateral, with credit starting at $1,300, up to $518,000.
The firm reports a threefold net revenue that increased in 2016, and rose by seven times in 2017, and five times in 2018.
Creditas has raised a total of $88 million in the past, with a recent Series C worth $55 million from December 2017 to April 2019.