Invoice financing solution Portal Finance has reportedly received a $200m loan from Latin American financial institution BTG Pactual.
The credit line has been supplied to help the company support SMEs with access to business loans, according to a report by TechCrunch. Earlier in the year, Portal Finance raised $1.5m at a valuation of $60m – the round was led by LatAm-focused investor Magma Partners.
With this new line capital, the company will look to further its financing of invoices in Chile and Colombia, the article said.
Colombia-based Portal Finance offers a range of tools to ease invoice financing for financial institution including process automation, risk management, customer acquisition and accountability and traceability. Its APIs cane help a financial institution to integrate the solution with their existing workflows.
Its technology uses risk and data aggregation systems to automate the onboarding of digital contracts and the approval of invoices.
Last year, Brazil’s FinTech sector dominated the Latin America region with it receiving 89 per cent of the total investments. According to data by FinTech Global, Colombia only received around $2.2m in terms of funding, representing just one per cent of total funding.
Copyright © 2018 FinTech Global
