Bankfacil BKF (IFC-39165)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 13, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
CREDITAS SOLUCOES FINANCEIRAS LTDA (Bankfacil)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 7.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 14, 2018

Disclosed by Bank Dec 22, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the project consists in an up to US$8.5 million equity investment in the Series B equity funding round in Bankfacil, an online marketplace and lender based in Brazil that offers secured loans to individuals, funded by banks and institutional investors. The loans are originated online, processed in an efficient back office, and then sold to banks and investors. The project has the following development impacts:

1. Access to a wider range of financial products:KF offers Brazilian consumers the ability to access credit at rates lower than would otherwise be available, due to the use of collateral (home and auto) in a country where most consumer debt is unsecured, as well as through operational efficiencies by using technology.

2. Development of a new product and asset class: BKF is creating a new investment product for institutional investors, who can now purchase auto equity loan receivables and home equity loan receivables through a securitization structure.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The project sponsor is Sergio Furio who founded the Company in 2012. Sergio is a former consultant with the Boston Consulting Group, where he specialized in strategy and process re-engineering for banks. Previously, he was a Vice President at Deutsche Bank.

Key existing institutional shareholders in the Company include Redpoint e-ventures, Kaszek Ventures, Quona Capital and QED Investors.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Creditas Soluções Financeiras Ltda., a financial technology company, operates a digital platform which offers secured consumer loans. The company uses credit scoring systems and borrowers’ assets, such as home and automobile as collateral to offer loans. It was formerly known as BankFacil. Creditas Soluções Financeiras Ltda. was founded in 2012 and is based in São Paulo, Brazil.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Sergio Furio
CEO, Bankfacil 
Office Address: Avenida Engenheiro Luis Carlos Berrini, 105, #11 andar, 04571-010, São Paulo, SP, Brazil

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works