Business

Brazil's Creditas acquires Bcredi to boost its real estate vertical

The Bcredi brand will continue to operate in the coming months and the firm expects the integration of the teams to happen progressively during 2021

Sergio Furio and Maria Teresa Fornea Caron. Photo: Creditas/Courtesy
  • Bcredi is a fintech company specialized in home equity and mortgage financing;
  • The transaction has yet to be approved by CADE, Brazil’s competition watchdog.

Creditas, a Brazil-based online collateral loan platform, announced on Tuesday the acquisition of Bcredi, a digital platform focused on real estate financing.

According to the newest Brazilian unicorn, the acquisition will strengthen the structure of Creditas’ real estate vertical and increase the commitment to partnerships as a way to democratize access to home equity in Brazil, it said in a press statement.

“Home equity was our first product and we managed to become a benchmark in Brazil not only because of our ability to grow at an accelerated pace but, more importantly, to create a home equity underwriting process that became a benchmark in Brazil”, says the fintech. Now with Bcredi, Creditas aims at creating a real estate ecosystem for both its customers and companies that want to offer Creditas’ product to the Brazilian consumer.

READ ALSO: Brazil-based Creditas raises $255 million and is now valued at $1.75 billion

Founded in 2017 by Maria Teresa Fornea Caron (“Tete”), Bcredi is a fintech company specialized in home equity and mortgage financing, focused on B2B2C channels and a new “LaaS” solution (lending-as-a-service).

“We have known Tete personally since 2016, when we were still at the small house on Avenida Nova Independência, in Sao Paulo, and we are very proud to bring her to our leadership team. She brings incredible real estate expertise and her approach both human and energetic has everything to do with our way of entrepreneurship”, said Creditas.

Tete now becomes Creditas’ VP of real estate credit. “Our purpose of making mortgage loans uncomplicated and positively impacting the economy is further strengthened by this new step with Creditas,” she said.

READ ALSO: Brazilian fintech Creditas’ loan portfolio reaches BRL 1 billion

Viviane Sales, Creditas’ previous VP of Home Equity, takes over the Creditas @work area, which groups all the employee benefits products for Creditas’ partner companies: payroll loans, salary advance, benefits card and pension funds, as well as the coordination of the @work channel for other Creditas products, including e-commerce (Creditas Store).

Banco Bari, current partner and co-founder, sells its stake in the company. The Brazilian investment fund eBricks (now Igah Ventures), becomes a shareholder in Creditas, adding its expertise to the other fintech investors.

READ ALSO: Oyo partners up with Creditas to offer credit lines for Brazilian hoteliers during the pandemic

The Bcredi brand will continue to operate in the coming months and the firm expects the integration of the teams to happen progressively during 2021. The transaction has yet to be approved by CADE, Brazil’s competition watchdog.

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