Furio said Creditas decided to raise more capital to safeguard its growth this year and next year, as uncertainty mounts for tech companies amid concerns that the U.S. Federal Reserve will become aggressive in controlling inflation.
“Markets are a bit chaotic, so we decided it would be good to bring money in” said Furio, adding he found tech investors very concerned about the macro environment.
Creditas has raised $260 million in its sixth funding round to expand its collateralized loan business in Brazil and Mexico. Founded in 2012 by Furio, a Spanish former consultant, the fintech has specialized in loans secured by assets like homes, autos and salaries, credit lines shunned by Brazil’s biggest lenders.
Fidelity Management & Research LLC joined as the key investor of this round, along with Spanish fintech fund Actyus and Greentrail Capital. Existing investors such as SoftBank Vision Fund 1 and Wellington Management also invested.