Creditas plans to use the funds to support continued growth. Here are the top-line bullets you need to know.
Creditas, a secured lending platform, has raised $50M in an extended Series F funding round that drew participation from Andbank.
HOW’S THE COMPANY PERFORMING?
- Brazil-based Creditas provides secured loans to consumers.
- The company generated $152M in revenue in H1’22, up 3.2x from H1’21.
- In addition to the funding, the company also announced that it entered into a strategic partnership with Andbank. It will acquire Andbank’s Brazilian banking license to grow its credit portfolio and diversify its funding sources.
- It is supported by a team of 4K employees.
Source: Creditas
WHY DOES THE MARKET MATTER?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
- Covid-19 has also accelerated the adoption of digital lending services across sectors.
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