Condor Retail, one of the leading retailers in the Southern region, has just received operating authorization for its Direct Credit Company (SCD), which will have an equity capital of R$ 10 million. The goal is to offer customers financing and loans through its credit fintech platform. The operation was carried out with the legal advice of Martinelli Advogados, one of the largest law firms in the country. Martinelli was involved in all stages of the operation, from financial modeling to the completion of the project.
“For us, it was very important to provide full legal advice in the structuring process of the Direct Credit Company for one of the largest retailers in the South and Brazil. It’s a project that will allow Condor Retail, through an electronic platform, to include financial services in the portfolio of products it already offers,” explains Walter H. Fritzke, Head of Financial Services at Martinelli Advogados.
Martinelli has been involved in operations of this type, such as the structuring of the Direct Credit Company for Ciapetro, a fuel distributor based in Paraná. ‘The operation for Condor Retail reinforces our expertise in advisory work of this nature, from the beginning of the financial modeling to the due authorization by the Central Bank,’ says Fritzke.
The Head of Financial Services at Martinelli Advogados emphasizes that the structuring of Direct Credit Companies (DCCs), in other words: creating fintech divisions within a company is a trend observed among various organizations to add financial services to their operations. ‘Regulatory modernization, changes in taxation, and the advent of open banking are factors that are encouraging and driving the structuring of DCCs to offer financial services through these organizations’ fintechs,’ says Fritzke.