Brazilian unicorns Nubank and Creditas partner to offer credit products

Creditas will offer its products in Nubank's app, while the digital bank may become a minority shareholder with up to 7.7% of the fintech's shares

Nubank partners with Creditas to offer credit products
Photo: Nubank/Blog
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Two Brazilian unicorns, Nubank and Creditas, announced on Monday (13) a partnership by which Creditas will offer its products in Nubank’s app for the 40 million customers of the digital bank in Brazil. The deal also provides for Nubank to invest in credit lines to expand Creditas’ credit capacity. Also, Nubank may become a minority shareholder of the fintech company in the next two years, with up to 7.7% of Creditas’ shares.

Creditas‘ products and services will be available on Nubank‘s app by the end of the year. According to Nubank, the partnership is part of its strategy to diversify the portfolio. Creditas offers real estate, car and consigned credit products. “By working with Creditas, we can expand access to credit even further,” said David Vélez, founder and CEO of Nubank.

READ ALSO: Nubank reaches e-commerce with the acquisition of Spin Pay, an instant payment fintech

Sergio Furio, founder and CEO of Creditas, said the partnership creates “unlimited opportunities for consumers looking for a complete and modern digital offering.

Nubank, valued at $30 billion, is on its way to going public on Nasdaq and has invested in diversifying its product portfolio, which today includes investments, personal loans, cards, business accounts, and since July has included the offer of partner products in its app, with international transfers from Remessa Online. 

READ ALSO: How Creditas became one of the largest fintechs in Latin America

To build a strong portfolio, the digital bank has also been investing in acquisitions. There were five in just over a year: the investment platform Easynvest (now Nu Invest), Cognitec, a software engineering company, Plataformatec, a consulting firm focused on product development and management, the American platform Juntos Global, which provides automated and personalized proactive conversations between banks and their clients, and, more recently, the instant payment platform for e-commerce, Spin Pay.

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The growth through acquisitions is also a strategy of Creditas, which has already raised $570 million in five rounds and is valued at $1.75 billion. The fintech recently acquired the digital insurance startup Minuto Seguros, encompassing credit with vehicle warranty, financing, buying and selling, and insurance. Earlier this year, the fintech company also bought BCredi, a digital platform focused on real estate financing.

In May, Creditas also launched Creditas Auto, a new business unit focused on buying and selling second-hand vehicles.

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