Creditas was set up with a mission to reinvent consumer finance in Latin America through secured lending. Faced with interest rates of 200% or more on unsecured debt, many Latin American consumers struggled to access credit to finance important purchases such as cars and household goods.
In this interview in 2020, Sergio Furio explains that by creating a digital platform for secured lending (initially offering auto equity and home equity loans) Creditas helps households dramatically reduce their cost of funding and also assists them with important financial transaction and ‘life events’ such as buying or selling a car, or renovating their home.
Creditas is singulalry focused on customer experience, and has partnered with or acquired numerous platforms to attract new customers and offer them a broader suite of services. The main challenge in building the business was finding the right talent to support growth, from recruiting management with relevant experience, to scaling internationally, and Sergio describes how the team has grown across Brazil, Spain and Mexico.
Sergio sees the entrepreneurial journey as a long-term commitment. One day the company may look to go public, but for now it is focused on growing as a venture-backed business.