- Brazilian fintech Creditas has announced the acquisition of Creditoo, a private payroll loans startup.
- With the new offer, Creditas will also be able to serve a new type of client, who seeks lower values of credit.
- Creditoo already has about 1,000 partner companies. Creditas wants to multiply this number by ten.
After receiving millions in investment from SoftBank, the Brazilian fintech Creditas has announced the acquisition of Creditoo, a private payroll loans startup. According to the Brazilian newspaper O Estado de S.Paulo, the acquisition, whose value was not disclosed to the press, will allow the company to expand its services. Today, Creditas only operates with home and auto equity loans.
“Payroll loan is a product we wanted to do for at least three years, but we needed to focus on our strategy,” said Sergio Furio, CEO of Creditas, to the newspaper. “We can now merge their platform with our data and marketing resources.” Creditoo was founded in 2016 and received an angel investment from Sergio Furio himself as an individual.
With Creditoo, Creditas will also be able to serve a new type of client, who seeks lower values of credit. Creditoo already has about 1,000 partner companies, which together have over 100,000 employees. Furio’s goal is to multiply this number by ten in 2020.
According to O Estado de S.Paulo, Creditoo offers up to $50,000 in payroll loans, in installments that never exceed 30% of payroll. The interest rate starts at 1.75% per month, up to a maximum of 48 installments. By the beginning of this year, the company had already provided about 3,000 loans.