The venture capital arm of Qualcomm has reportedly led a $10m investment round into Brazilian onboarding technology startup idwall.
The RegTech firm will use the money to hire more engineers and staff members for its product areas, according to Startse.
idwall’s new capital injection comes a year after it raised $9m through the Brazilian funds Canary and Monashees.
The company, founded in 2016, also raised $600,00 in 2017.
News about idwall’s strengthened financial muscles comes as the Latin American FinTech scene is attracting record level investments and interests from big stakeholders in the industry.
Over the past few months, companies like Stripe, Revolut and Goldman Sachs have all expressed interest in tapping into the opportunities presented by the continent’s underserved population.
This booming interest has seen more than 460 deals being completed in the region between 2014 and the first half of 2019, according to FinTech Global’s data.
Moreover, that amount is growing, with the sector attracting investment worth $89.8m in 2014 and that figure jumping to $671m in 2018. That record was thoroughly broken in the first six months of 2019, with Latin American FinTech companies filling their coffers with over $2.15bn in investment during that period.
With investments like this, it was only a matter of time until the region received another unicorn. In October, payments processing platform EBANX achieved the coveted $1bn valuation after raising an undisclosed round.
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