Brazil’s fintech Creditas buys used car sales startup Volanty

RIO DE JANEIRO, BRAZIL – Creditas announced this Monday, July 26, an agreement to acquire used car buying and selling platform Volanty. With this transaction, the company strengthens the positioning of its newest brand focused on the automotive segment: Creditas Auto, which had been officially launched in May 2021.

The information was released when the company announced its second-quarter financial results, but the value of the acquisition was not quantified.

This is not the first time the company has gone on a buying spree. Last week, the fintech announced the acquisition of Minuto Seguros, entering the insurance sector. Previously, Creditas had acquired electric motorcycle startup Voltz and home loan startup Bcredi.

Founded in 2017, Volanty is a platform where you can buy and sell vehicles entirely online. From its inception through 2019, the startup has received over US$23 million in investments from funds such as Canary, Monashees, SoftBank, and Kaszek Ventures.

The transaction with Volanty mimics the search for startups that are pioneers in their respective fields, as in the case of Minutos Seguros. Creditas said that the purchase is made to accelerate its business focused on the automotive market.

“Creditas closed the operation with Volanty, a pioneering startup in the automotive market, in July, to accelerate and strengthen the technological platform of its Creditas Auto business unit,” it said.

Launched in May this year, Creditas Auto is a platform for anyone who wants to sell, buy or finance a vehicle in the same digital environment. Through the service, customers can sell used cars and, on the other hand, buy used cars from Creditas or third-party sellers connected to the system.

The new arrangement structure provides permanence for Volanty executives as well as the brand. Once the acquisition is complete, the executives and the Volanty employees will be integrated into the Creditas team.

CREDITAS

Creditas is a Brazilian financial services (fintech) startup that operates as the leading online platform for secured loans in Brazil in 2020, with four main products: real estate secured loans, vehicle secured loans, private consignment loans, and vehicle financing.

Founded in 2012 by Spaniard Sergio Furio as BankFacil, the fintech started as a marketplace that compared prices of financial products and referred customers to traditional financial institutions. The following year, the fintech changed its name and became Creditas. In 2016, BankFacil made its first real estate and vehicle-backed loans.

Creditas is headquartered in São Paulo and has technology offices in Valencia, Spain, and in both Porto Alegre and Recife, Brazil. In 2020, it expanded its services to Mexico.

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