The Brazilian financial technology company GuiaBolso has reportedly received $39 million in funding.Although Brazil went through the longest reces
The Brazilian financial technology company GuiaBolso has reportedly received $39 million in funding.
Although Brazil went through the longest recession in its history, the local start-up scene seems to be successful in attracting financing. In addition, the local digital economy is steadily growing.
GuiaBolso`s latest funding round turned out as the largest in Latin America. The Brazilian start-up reportedly has 3.5 million users on its app, meaning it is the largest digital marketplace for credit products in Brazil.
According to Tech Crunch, the new financing round was led by Vostok Emerging Finance, a publicly traded Swedish fund that is associated with a big Russian private equity. The other investors are said to be Ribbit Capital, the Internationa Finance Corp., and QED Investors.
Commenting in a statement, Vostok, a managing director at Emerging Finance, stated:
“Brazil offers one of the best fintech macro opportunities globally”, elaborating that GuiaBolso is a truly unique and growing consumer brand, which is rolling out a tremendously successful finance app.
The company works in collaboration with one of Brazil`s biggest banks. Therefore, they can offer loans to their customers through this partnership, as well as their own $70 million debts facility. Also, GuiaBolso deals with financial management and expense tracking that aim to make loan approvals easier.
The newly obtained capital will reportedly be used for credit financing and integration of the company`s services. The start-up will focus on this in the hope to offer an improved user experience to its customers.