FinanZero, Brazil’s online credit marketplace, has closed a US$ 7 million funding round in its fourth round of funding. The round was led by the Swedish investors VEF, Dunross & Co, and Atlant Fonder, all previous investors in the company. The use of proceeds will primarily go towards marketing, product development, and hiring new talent.
FinanZero was founded in 2016 by Swedish-Brazilian investment firm Webrock Ventures and Swedish entrepreneurs Olle Widén and Kristian Jakobsson. In total, FinanZero has raised US$ 22.85 million since 2016.
Olle Widén, Co-Founder, and CEO at FinanZero said, “The volume of credit applications on our platform continues to grow exponentially, with an average of 750,000 applications per month, generated to our 50+ lending partners. Our mission is to empower Brazilian consumers by providing more transparency through a one-stop-shop for loans, and we are seeing great traction in a time in which digital transition and favorable regulatory changes are taking place. We raised funds to capitalize on this market opportunity.”
David Nangle, CEO at VEF added, “Backing our portfolio companies and their founding teams harder, when they are delivering the kind of growth and value creation that FinanZero is, is one of the easiest decisions we make as investors. Olle and the team at FinanZero are at a really exciting point in their journey and with this additional capital, we are very excited that they can continue their path to being the leading credit marketplace in one of the clearest scale opportunities in Brazilian Fintech.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.