Brazilian fintech company Creditas Soluções has used the asset-backed debt market to generate $19 million to refinance auto loans, despite concerns about loan delinquencies. No. 1 bank by assets, shrank by about 70 percent. The company joined forces with Empírica Investimentos Gestão de Recursos to create its new investment vehicle, Itaú Unibanco Holding SA , which offers refinancing at a comparatively low cost relative to banks. It is hoped, however, that the auto loan offering could fit into the gap left by mid-sized and larger lenders, which have largely left the default-stricken market.
Brazilian fintech company Creditas Soluções has used the asset-backed debt market to generate $19 million to refinance auto loans, despite concerns about loan delinquencies. The company joined forces with Empírica Investimentos Gestão de Recursos to create its new investment vehicle, Itaú Unibanco Holding SA , which offers refinancing at a comparatively low cost relative to banks. It is hoped, however, that the auto loan offering could fit into the gap left by mid-sized and larger lenders, which have largely left the default-stricken market.