Credit Saison commits to $100 million investment in Brazil
24/07/2024 11:00
SAO PAULO, July 24 (Reuters) - Japanese credit investor
Credit Saison 8253.T committed on Wednesday to a $100 million
investment in Brazil, part of a broader push in Latin America
that includes a capital injection of the same size in Mexico.
The firm's plan is to work with fintechs, intermediaries and
other local companies to provide loans to individuals and small
and medium-sized companies, according to the chief executive of
Saison International, an arm of Credit Saison.
"We want to build a diversified portfolio," Kosuke Mori said
in an interview.
Brazil's attractiveness lies in the size and robustness of
its fintech ecosystem, in addition to a central bank that Mori
described as "clear and strong" from a regulatory point of view
and "friendly" towards foreign agents.
The executive added that there is no specific schedule for
the full investment in Latin America's largest economy, but that
the company intends to expand there at a pace similar to that
observed in other markets where it operates.
"Over the next three to five years, let's say, we'd like to
increase that $100 million to $300 million, $500 million," Mori
said.
"That's what happened in other markets, like India. Five
years ago, we entered exactly the same business model, working
with fintechs and growing with fintech. Today, we are actually a
multi-billion (operation)."
In addition to India, Credit Saison also has a presence in
other emerging countries such as Indonesia, Vietnam and
Thailand.
(Reporting by Patricia Vilas Boas, Editing by Nick Zieminski)