iFood raises US$153.5M for lending arm as delivery apps' FIDC credit tops US$6.91B
What's the deal? iFood raised US$153.5M (≈$118 million) through a senior-tranche offering from one of its credit funds, closing in July 2026. The delivery company now runs five FIDCs — Brazilian receivables-backed credit funds — holding about US$818.6M in net assets as of June 2026.
Why now? The raise lands as Brazil's delivery, retail, and mobility platforms lean harder on FIDCs to finance lending. A NeoFeed survey found 18 active funds tied to iFood, ShopeeDealroom has a profile for this one. Try Dealroom →, Mercado Livre, 99, Rappi, and Magazine Luiza, with a combined credit portfolio that jumped from US$5.01B in December 2025 to US$6.98B in June 2026 — nearly 40% in six months.
What's the endgame? The platforms don't lend directly. They act as banking correspondents, using data on their app users to approve credit on behalf of partner financial institutions, while the FIDC pulls capital from institutional investors to expand the offering.
The money serves different borrowers. Consumer-facing funds finance purchases or personal loans; other vehicles give restaurants and small sellers working capital discounted against their own platform receivables.
What could go wrong? Across the 14 funds carrying default risk, overdue volume rose from US$741.9M to US$946.5M. Funds tied to 99 drove 75% of that increase: GONN more than doubled its defaults to US$179.7M, while GONN II reached US$205.6M.
Shopee leads the pack with US$2.84B in fund portfolios, up 78% in the half. Mercado Livre held US$1.46B and cut its default rate from 22.3% to 19.9%.
The signal: Brazil's biggest apps are turning proprietary user data into fast-growing lending books, with FIDCs as the lever. The market shows no sign of slowing — one Mercado Livre fund, constituted in May 2026, has yet to begin raising — even as rising delinquency tests how well these platforms can price the risk.
Read more: NeoFeed
