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Brazil's Creditas buys banking licence

Brazil's Creditas buys banking licence

Brazilian secured lending platform Creditas is set to expand its offering, buying a banking licence and a mortgage marketplace.

The firm is acquiring the Brazilian banking license of Andorra's Banco Andbank, enabling it to accept deposits.

As part of the deal, Andbank becomes a minority shareholder in Creditas, topping up the Brazilian firm's $260 million Series F funding round by $50 million.

Creditas is also raising a convertible note for additional $150 million to pursue selective strategic opportunities and continue expanding its ecosystem. It has already bought Kzas, a mortgage marketplace that.

Sergio Furio, CEO, Creditas, says: "With the acquisition of its banking operation, we will be able to continue our fast growth with deposits as an additional source of funding."

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