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The Brazilian company, dedicated to secured loans and other financial services, announced in a press release a partnership with Andbank, from Andorra, which is investing $50 million in a series F extension that the fintech had in January when it was valued at $4.8. billion.
Part of the deal is for Creditas to buy Andbank’s banking license in Brazil, a transaction that is still subject to regulatory approval. According to Brazilian financial newspaper Valor Econômico, the license was valued at $95 million.
The founder and CEO of Creditas, the Spaniard Sergio Furio, told the newspaper that with the purchase of the license they did not plan to become a traditional bank but to use it to diversify their sources of financing.
Along with this news, Creditas announced the raising of a convertible note of 150 million US dollars (debt which will be converted into shares in the future). This allowed them to acquire Kzas, a real estate marketplace, and reinvest in Voltz Motors, the local maker of electric motorcycles in which they invested $100 million last year. According to Valor Econômico, they will inject an additional $9.5 million into Voltz.