SoftBank-backed fintech firm Creditas has reportedly secured $255m in its fifth funding round, which values the firm at $1.75bn.

The new funding round was led by impact investor LGT Lightstone, Reuters reported.

Tarsadia Capital, Wellington Management, e.ventures and Advent International affiliate Sunley House Capital, also participated in the funding round.

The existing investors include SoftBank, Kaszek Ventures, Amadeus Capital Partners, and VEF, the report added.

Creditas said that it will use the fresh capital to accelerate its loan book growth and to fund its international expansion.

It will fund its newly-launched lending arm in Mexico, with plans to launch new products and services.

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Creditas will also expand its technology team with new hires.

Founded in 2012, Creditas offers secured loans in Brazil, backed by assets like homes, automobiles, and salaries.

Creditas founder and CEO Sergio Furio said that the new capital will allow the firm to double its loan book to over BRL2bn ($389m) in one year.

As of September 2020, Creditas had BRL1.04bn in loans and BRL232.1m in revenues, according to Reuters.

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Recently, a report revealed that German fintech N26 founder and CEO Valentin Stalf is eyeing an additional funding round ahead of its initial public offering (IPO) in 2023.

French mobile financial services platform Lydia received $86m in an extended Series B funding round to ramp up its growth.

Canadian fintech startup Neo Financial secured C$50m in Series A funding and debt financing, while US fintech startup Self Financial secured $40m investment in a Series D funding round.