Brazil-based personal finance platform GuiaBolso has secured a $40m funding round led by Vostok Emerging Finance.
Swedish investor Vostok contributed $30m to the funding round, and following the transaction the firm will hold a minority stake in the company. Other contributions to the investment came from firms including Endeavor Catalyst, Ribbit Capital and IFC, among others.
GuiaBolso is a personal finance platform that helps users to automate the aggregation of a user financial information, in order to help them manage their finances and track budgets. The platform also offers users a range of services including credit reports and education tools for credit and investments.
Founded in 2012, the company also gives users access to loans, with the entire completed via the digital platform.
This new equity line will help the company to greatly increase its reach of its current 3.5 million user-base. Alongside this the company hopes to provide its real-time access to more products alongside its current offerings.
Vostok Emerging Finance managing director Dave Nangle said, ?We are excited to announce our largest investment to date in Brazil, reflecting our conviction that Brazil offers one of the best FinTech macro opportunities globally. Within that, GuiaBolso is truly unique as a loved and growing consumer brand, that has leveraged its #1 finance app to launch Brazil first credit marketplace with real-time online loan approvals. It is well positioned to broaden the suite of financial products from this base.p>
Following the new round of funding the company has raised a total of around $65m, with the company picking up a $7m Series B in 2015 from five venture capital firms including Ribbit Capital.
Latin America FinTech investments were down 56.9 per cent in Q2 2017 from the same period last year, but this is despite more than double the number of deals completed.
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