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.
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.
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.
Project Contact: Sergio Furio
Office Address: Avenida Engenheiro Luis Carlos Berrini, 105, #11 andar, 04571-010, São Paulo, SP, Brazil
ACCOUNTABILITY MECHANISM OF IFC
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