Creditas has released their Q3 financial results, where they posted record revenues, and closed their Series G round as well as the acquisition of Andbank.
Creditas, VEF’s largest portfolio company, announces that they have closed their acquisition of Andbank Brazil. As part of this, Creditas oversaw the initial closing of a new equity funding round where the Andbank group led their Series G round with an investment of USD 108m. The round values Creditas at USD 3.3bn.
Creditas also announced it is strengthening its executive leadership team with the appointment of Ricardo Forcano as Chief Technology & Operations Officer (CTO/COO), overseeing Technology, Operations and People.
Dave Nangle, CEO at VEF, comments:
“Acquiring a bank and raising fresh capital are two key milestones coming through at a time when the company is going from strength to strength on the operational and financial front. Success attracts talent, and we welcome the arrival of a hire of the quality of Ricardo Forcano. Proud to continue supporting one of Latin America’s stand-out fintech assets.”
The closing of both transactions are announced at the back of presenting Creditas’ Q3 results where they have had record high revenues in the previous quarter. Key highlights from their results are:
- Loan origination continued accelerating with strong QoQ growth across all our verticals. Total quarterly volumes reached R$984.9mn (+20% YoY and 16.1% QoQ).
- Portfolio reached R$6,774mn (+17% YoY and +4.8% QoQ).
- Record quarterly Revenues at R$592.1mn (+14.4% YoY and +1.6% QoQ.
They write the following in their report: “Creditas is in a new growth phase, supported by a foundation of high client recurrence that supports our revenue base, strong credit performance, and clear product-market fit across all core offerings. We’re prioritizing investments in user experience and automation, with AI now delivering tangible value. This positions us for an annual growth target of 25%+ in the coming years while maintaining portfolio profitability.”
VEF’s press release on the transactions is available on our website here.
Creditas’ press release on the transactions is available on their investor relations webpage here: Creditas | Press Releases
Creditas Q3 results are available here: Creditas | Financial Reports