Business

Santander has two new fintechs targeting loans to low-income classes in Brazil

Sim is responsible for credit analysis and Superdigital provides the app through which the credit service must be contracted

Sao Paulo, Brazil - december 29 2019 - Logo of Santander, a Spanish multinational commercial bank and financial services company founded in 1857
Santander Brazil agency. Photo: Shutterstock
  • Superdigital has more than 1.4 million active accounts;
  • Sim offers easy loans that can vary from BRL 500 to BRL 25,000.

Santander has now two Brazilian fintechs: Superdigital and Sim, which are aimed to expand the credit offer to low-income individuals in Brazil, as reported by UOL.

Each one of these fintechs will perform digital activities to guarantee loans more quickly. Sim is responsible for credit analysis and Superdigital provides the app through which the credit service must be contracted.

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As reported by UOL, Superdigital has more than 1.4 million active accounts. Sim, which offers online loans to individuals, now offer easy loans that can vary from BRL 500 to BRL 25,000 with a payment term of 3 to 24 months at interest rates ranging from 1.6% to 8% per month.

About BRL 273 million are being applied to the integration of the two new digital companies.