Backed by a BRL 50 million funding by FEBA Capital, Brazilian startups Credoro and Cobre Fácil announce merger

Together, they expect to triple credit operations to BRL 150 million (about $25.6 million) in 2022.

Marcos Tridapalli, CEO at Credoro, and Paulo Henrique, CEO at Cobre Fácil
Marcos Tridapalli, CEO at Credoro, and Paulo Henrique, CEO at Cobre Fácil. Photo: Courtesy.
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Backed by an investment of BRL 50 million (around $9.2 million) from US-based FEBA Capital, Credoro, a Brazilian fintech startup of credit solutions, and Cobre Fácil, a debt collection management platform, announced a merger this Wednesday. FEBA Capital has previously invested in both startups.

According to Paulo Henrique, CEO at Cobre Fácil, both startups offer complementary services and have the required structure to take the next step in innovation and growth. “Cobre Fácil has always been very focused on debt collection and on simplifying this entire process. With our receivables data, we can analyze the default rate of each customer, thus achieving more assertiveness to make credit offers without generating indebtedness – something very positive for Credoro, which in addition to having the structure to offer its loans, also has a credit AI engine that automatically and constantly store data about customers for risk analysis,” said the executive in a press release.

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Marcos Paulo Tridapalli, CEO at Credoro, said that the entire merger process would likely take up to three months. After that, the new holding company formed by the two fintechs will have more than 50,000 active customers across Brazil, including individuals, micro-entrepreneurs, and businesses that have already used their services and a team of 35 employees.

Together, the companies expect to triple credit operations to BRL 150 million (around $25.6 million) in 2022.

“This will be a slightly different merger as both teams will continue to work independently – except for some fronts, such as the financial and legal sectors. Initially, we intend to continue with the two brands operating in parallel, while focusing our investments on the creation of a new holding company aimed at companies that offer financial services, with a new team of collaborators and functionalities for the market”, said the executive in the statement.

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After the merger is concluded, the next step will be to invest in hiring, marketing, fundraising for credit operations and new products. Credoro, which became known as a personal loans fintech, is expanding its portfolio of credit products, offering prepayment of receivables and loans with properties as collateral, among other possibilities.

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