Bankfacil BKF (IFC-39165)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Brazil
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 13, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
CREDITAS SOLUCOES FINANCEIRAS LTDA (Bankfacil)
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. 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, converted to USD$. Please see updated project documentation 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

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
  • International Finance Corporation (IFC)

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.

Private Actors

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

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/