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Banco do Brasil partners with Bom Pra Crédito to develop new fintech solutions

Brazilian bank, Banco do Brasil has partnered with a Fintech Bom pra Crédito, a marketplace that compares the conditions for personal credit among 36 financial institutions in the country. Founded in 2014, BPC is a digital marketplace that receives free online loan proposals and submits them for review by financial institutions plugged into its personal credit terms comparison platform.



This picture show a man signing some papers.

From now on, Banco do Brasil account holders will be able to compare personal loans through the platform of Fintech company Bom Pra Crédito (BPC), a marketplace that simulates the conditions offered by 36 financial institutions.

This will be possible thanks to an unprecedented partnership between BB and BPC. “For the first time, Banco do Brasil clients will be able to contract personal loans in an environment outside the mobile phone app and bank branches,” commented Ricardo Kalichsztein, president and founder of BPC.

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The first offer on the platform will be a personal loan, BB Crédito Automático. Other lines will be available later, such as BB Crédito Salário and consigned credit. For Marcos Coltri, BB’s director of loans, financing and real estate credit, the partnership reinforces the bank’s leading position in a competitive market.

In fact, Banco do Brasil has been innovating since it launched its open banking platform in June 2017. In August last year, it announced a partnership with the business management startup ContaAzul and launched an API with Fintech company Bxblue, which compares consigned credit for retirees, pensioners, and public employees.

Banco de Brasil hopes for widespread adoption

“At first, BB’s loans will be offered only to the bank’s account holder. The conditions are expected to be at least equivalent to those offered in the institution’s traditional channels,” said Kalichsztein. BB’s entry into the platform should accelerate the achievement of BPC’s goal of almost doubling the value traded in 2020.

By 2019, the platform has intermediated the concession of $146 million (R$ 600 million), and the goal is to reach $244 million (R$ 1 billion) next year. “In order to achieve this, we will expand our scope with the entry of other institutions, such as credit rights investment funds (Fidcs) and wealth managers,” said Kalichsztein.

At the same time, the projection is to double the total number of users, from the current $1 million (R$ 7 million) to $3 million (R$ 15 million) next year. This influx of users will also come from the investment in offline media, thanks to the contribution of $8 million (R$ 35 million), led by Grupo Globo, this year. In October 2018, Fintech had already received $5 million (R$ 22 million) in investment, led by the Innova Capital fund, which has already invested in companies like Movile.


(Featured image by Matthias Zomer via Pexels)

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Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.