Technology

Creditas defines its strategy to enter Mexico

Also next year Creditas will continue to expand its portfolio in Brazil

Creditas's headquarter in Sao Paulo, Brazil.
Creditas's headquarter in Sao Paulo, Brazil. Photo: Creditas.
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  • The headquarters in Mexico opens its doors in 2019;
  • In Brazil, the plan is to further expand the portfolio based on what the fintech calls salary-backed credit, or the good old, low-cost direct payroll discount.

Brazilian fintech Creditas defined its entry strategy in Mexico from 2020: to offer Mexicans all the products it already offers to Brazilians. This includes secured lines of credit linked to real estate, car and salary guarantees.

In September, when the company’s VP of Business Development, Fabio Zveibil, talked with the LABS, this strategy was not yet fully decided.

The headquarters in Mexico, according to the newspaper Gazeta do Povo , opens its doors in 2019, with the finalization of hires this November.

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And as already announced to LABS in September, also next year Creditas will continue to expand its portfolio in Brazil, selling appliances, electronics, travel and even postgraduate courses with payment through direct payroll deduction (the so-called private payroll lending), with a promise of interest rates below the market.

In July this year, Creditas announced a $ 231 million investment round led by the SoftBank Vision Fund and the SoftBank Group Corp. conglomerate itself. Previous fintech investors also participated in the round. It was with these resources that Creditas added a third line of credit to its operation, backed by the salary guarantee (a credit line that permits payment in installments of products with a high price tag, linked to payroll deductions).