Brazil’s Nubank partners with SoftBank-backed lending fintech Creditas for loans

Photo: pymnts.com

Brazilian financial startup Nubank has formed a partnership with SoftBank-backed lending fintech Creditas to offer loans to its clients, according to a joint statement on Monday.

Nubank said it may become a minority shareholder in Creditas with up to a 7.7% stake in the fintech in the next two years. The companies did not disclose the deal value.

Recently valued at $30 billion in an investment round led by Warren Buffett’s Berkshire Hathaway Inc, Nubank said it also intends to invest to expand Creditas’ credit capacity in Brazil.

Creditas’ products and services will be available on Nubank’s app in Brazil by the end of this year, the startup said, adding that the move adds to its goal of diversifying its portfolio in the country.

“This partnership allows us to expand our offers even more,” Nubank Chief Executive David Vélez said. Currently, Nubank’s main product is a purple credit card, free of fees.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.