In Spain, you get a home equity loan in a week. In Brazil, it took six months of paperwork. We brought it down to days. Technology didn't change the product — it changed the speed.
Brazil has the highest interest rates in the world for consumer lending. Banks charge 300% APR on personal loans. That's not banking — that's robbery with a license.
I'm Spanish. I moved to Brazil because I saw the biggest gap between what banks charge and what lending should cost. That gap is a $500 billion opportunity.
Secured lending — using your car or home as collateral — drops rates from 300% to 20%. Same borrower, same risk, but the bank charges 15x more for unsecured. We said: that's insane, let's fix it.
SoftBank invested $255 million. They told me: you're building the Nubank of lending. I said: Nubank is the Creditas of credit cards. We started first.