Brazilian online credit startup BankFacil has closed a new BRL15m ($4.3m) Series A financing round thanks to new capital from Kaszek Ventures and existing backers.
Kaszek was launched in 2011 by the co-founders of Argentine online marketplace Mercado Livre, Hernán Kazah and Nicolás Szekasy, to target Latin American venture investments.
The latest round brings BankFacil’s total outside investment to BRL$25m, thanks to backing from Redpoint e.ventures, Quona Capital and QED Investors.
Szekasy said, “We are convinced BankFacil will generate significant savings through lower interest rates to individuals requiring credit in Brazil.
“BankFacil has a talented and passionate team that is ensuring access to convenient and affordable financing in Brazil.
“Through its innovative data-driven approach that leverages technology, the Company has replaced traditional financial analysis and back office operations, and has streamlined the secured loans approval process.”
BankFacil CEO and founder Sergio Furio said the round should enable the company to double in size each semester for the next two years.
He said, “The opportunities for secured credit are massive when looking at the number of real estate properties and vehicles owned outright in Brazil.
“We want to honor the Brazilian that works hard to pay for his house or vehicle and provide him with credit at the low rates that he deserves.”
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