By Nathan Allen

Santander's venture-capital fund Innoventures has invested in the series-C funding round of Brazilian startup Creditas, its first investment in the Latin American country.

Santander didn't disclose the size of its investment but said several other investors participated in the funding round, which generated a total of $55 million.

Creditas operates a secured lending platform and employs 365 staff in Brazil. The company aims to reduce Brazil's consumer debt burden by offering consumer loans at more competitive rates than major banks, according to Santander.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 17, 2018 07:31 ET (11:31 GMT)

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