Credix Finance team, which will make its first credit operation to fintechs in January. Photo: Credix Finance.
A Credix, nova fintech which wants to be a decentralized finance credit marketplace, received a contribution of US$ 2.5 million (approximately R$ 15 million). With the resources, it will set up the marketplace that intends to offer a different process for fintechs to take out loans, lower costs and a reduction of up to 80% in the time to close the credit agreement. The forecast is to carry out the first operation next January with four startups.
The idea is to be a marketplace where fintechs place their credit needs and interest conditions, for example. And whoever is interested in offering the resources, tries to close the deal. Among the investors are Brazilians Fuse, a venture capital fund that uses blockchain in its business, and Transfero Swiss, of financial products.
“We strongly believe that blockchain has the potential to disrupt global debt markets. By bringing together the world of decentralized finance with real assets, we can add immense value to the market,” says Thomas Bohner, founder and CEO of Credix. According to him, in emerging countries credit costs up to 250% a year.
Credix will focus on fintechs that need credit and then lend that capital as part of their business. It’s not the big ones like Nubank. But those that need values ​​of up to US$ 20 million (about R$ 100 million), says Chaim Finizola, also founder and Chief Growth Officer (CGO) of Credix.
“We’re going to focus on fintechs that need cheaper credit and can’t get it from the big banks. We want to be part of the banking system, in the real world, but connecting it with decentralized finance”, he adds. Before Credix, Finizola and Bohner were from IntellectEU, a blockchain solutions startup created in Belgium and with operations in other markets.
Thus, fintech accesses the platform, the Know Your Client (KYC) will also be decentralized. The startup says how much it needs credit, sets its conditions and whoever wants to lend tries to close the deal. “It’s a marketplace,” says Finizola.
DRW Cumberland and ParaFi are part of the group of investors. There is also the Solana Ecosystem Fund, Solana Ventures, Petrock Capital, MGNR, Mercurial and Parrot.
The first credit operation in the Credix cryptocurrency segment should be for four fintechs, including a55, a Fuse partner. Funding through Credix will help A55 grow in Latin America, said Hugo Mathecowitsch, founder and CEO of a55.
Afterwards, it will be with 15 from Latin America. To reduce the risk of cryptocurrency volatility, investors will use stablecoin USDC, a cryptocurrency backed by physical currency. In addition, they must use Transfero’s Brazilian Digital Token (BRZ). Also release your own token next year.
To take the credits, credit fintechs and other non-bank credit institutions may use receivable collateral. In addition, in the future, they may use other real assets. And they will be able to borrow the resources in local currency.
Various institutional or qualified investors may invest in specific credits, with higher returns in “junior tranches”. As well as, in a more dispersed way and with less risk, in “senior tranches”. In that case, retail investors can also invest.
“We see Credix as the beginning of a giant disruption in the fintech market,” says Dan Yamamura, partner at Fuse Capital. “Credix is ​​a bridge between the liquidity pockets of the crypto world and the funding needs of fintechs. And it will give Brazilian startups first-hand access to the logic of decentralizing finance.”