Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Capital on the Frontier Best Practices Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Brazilian fintech Creditoo raises $1.2 million for payroll lending



ImpactAlpha, December 4 – São Paulo-based Creditoo partners with companies to underwrite and provide affordable credit to their employees. Global Founders Capital and return investor Canary, a Brazil-focused venture capital firm, have invested $1.2 million in the company’s latest funding round.

In a country where interest rates on mainstream credit options like credit cards can top 300%, Creditoo uses paycheck predictability to make personal loans more affordable. The company uses borrowers’ monthly income as a benchmark for how much they can borrow. Borrowers can get approved within 24-hours for credit at as little as 1.75% per month and repayment timelines of up to three years.

Creditoo was launched in 2016 and began lending this year. The company plans to lend about $52 million by the end of 2019, Brazilian business publication Baguete reports.

Other Brazilian companies expanding access to affordable consumer credit have successfully raised capital. In February, Creditas secured $50 million for its collateral-based consumer lending platform, and in October, São Paulo-based Nubank scored $180 million from Chinese Internet giant Tencent for its no-fee, low-interest digital credit cards. The deal valued Nubank at $4 billion.

You might also like...