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Two of Brazil’s largest fintechs are joining forces to improve access to digital lending options. Nubank will now offer its Brazilian customers access to secured loans, through a partnership with Creditas.

Nubank clients are expected to be able to access Creditas’ loan products through its app by the end of the year, the Latin American neobank said in a statement. September 13 announcement previously reported by Reuters.

This partnership has the potential to deepen, as Nubank said in two years it could make the decision to own up to 7.7% of Creditas shares.

Creditas’ valuation reached $ 1.75 billion in December 2020, following a $ 255 million Series E funding round led by LGT Lightstone. This follows a $ 231 million funding round led by SoftBank Group Corp. from Japan in 2019.

Secured loans from Creditas allow its clients to use real estate, cars or even their wages as collateral in the lending process, which aims to help them unlock lower interest rates. The company was founded by Sergio Furio in 2012 in response to Brazil’s traditionally high lending rates.

Nubank already offers personal loans to its Brazilian customers who have a digital account and a credit card with the company, with varying interest rates depending on the month and number of payments. The neobank estimates that more than 2.5 million people have used these loans, according to its website.

Nubank, which is also developing services in Argentina, Colombia and Mexico, has been growing in recent years to expand its financial offer. Most recently he bought the merchant-focused instant payment platform Rotation payment.

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