- Creditas’ contribution margin increased to 58.1%;
- The fintech completed three investment operations in the quarter, including Volanty’s acquisition;
- Volanty’s brand will be maintained, as well as its leadership and team of employees, who were integrated into the Creditas team after the transaction.
Brazil‘s fintech unicorn Creditas disclosed its results for the second quarter of 2021 this Monday. Revenues reached BRL 170.1 million “due to the continued and sustained growth reacceleration started in Q3-20, which resulted in a record quarterly new loan origination of BRL 612.8 million with credit portfolio reaching the BRL 2 billion mark,” said Creditas.
The company’s contribution margin (discounting funding costs, servicing costs, credit provisions, and taxes) increased to 58.1%. Creditas attributed the result to strong credit performance and slightly lower portfolio leverage.
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Creditas also said that it completed four new debt capital markets securitizations for a total of BRL 750 million, “showing high resilience for Creditas as investors’ appetite for our unique asset class continues to increase,” it added.
Creditas issued two new FIDCs (a type of fund composed of receivables of different kinds of issuers widely used in the Brazilian credit market).
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An acquisition among Creditas’ investment operations in 2021’s Q2
Also in the last three months, Creditas completed three investment operations: the acquisition of Minuto Seguros, Brazil’s digital insurance broker; the investment in Voltz Motors, an electric motorcycle manufacturer; and the acquisition of 100% of SoftBank-backed Volanty, a Brazilian startup that connects buyers and sellers of secondhand cars.
The deal was closed in July. According to Creditas, Volanty’s brand will be maintained, as well as its leadership and team of employees, who were integrated into the Creditas team after the transaction.
Created in 2017, Volanty connects buyers and sellers of used cars via an online platform, while it also has physical dealerships where vehicles are appraised, priced, photographed, documented, and traded. The new acquisition will strengthen Creditas Auto business, which recently started its activities through its digital platform and brick-and-mortar spaces.
“These three transactions didn’t have any impact on the reported Q2-2021 results,” stressed the company.