Creditas, which is the largest portfolio holding of investment company VEF, increased its lending by 44 percent to 862.9 million reais in the first quarter.

The portfolio rose to R$6.2 billion, while revenue reached a record level of R$548.6 million, up 13 percent year-on-year.

Gross profit increased slightly but fell quarter-on-quarter, with the margin temporarily below target.

Operating profit showed a loss of R$59.5 million, in line with VEF's expectations, due to investments in growth and credit loss provisions. Creditas continues to aim for cash flow neutrality.

"Creditas is in a new growth phase supported by a foundation consisting of a high proportion of recurring customers who support the revenue base, strong credit performance, and a clear product market fit for all core products," the company said in a statement.

Going forward, investments will be made in the company's user experience and automation.