On 17 April 2018, Santander InnoVentures, the FinTech venture capital fund of IBOS member Santander Group, announced an investment in the startup Creditas, the leading Brazilian secured lending platform.
This is Santander InnoVentures’ first investment in Brazil and second in Latin America, following investment in the Mexican startup ePesos in September 2017.
InnoVentures is Santander’s USD 200 million corporate venture capital fund. It is tasked to find, qualify and strategically invest in FinTech businesses that can create strategic ties with Santander and help Santander innovate with a purpose – either to achieve operational excellence or serve customers better. The fund, which has made 21 investments in the four years since it was established, invests in companies from all over the world that innovate across the FinTech value chain, in the areas such as artificial intelligence, payments, credit, banking-as-a-service, financial inclusion, among others.
Creditas has grown seven times in the last 12 months and plans to use the new funds to support the FinTech’s expansion plan, with significant investments in technology and expansion of its client base. With a staff of 365 and growing, Creditas plans to develop new products and explore new markets in the coming year.
Manuel Silva, partner and head of Investment at Santander InnoVentures, commented:
“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”.
Read the full press release via Santander here.