IOUU, a peer-to-peer lending platform, has reportedly raised $1.3m in a funding round as it looks to develop several new products.
The round was led by cloud software company DOMO, with participation also coming from Indicator Capital and Devas Invest, according to a report from Crowdfund Insider.
Based in Brazil, the FinTech will use the fresh capital to develop new business applications, improve its existing technology and upgrade its risk analysis tools. Additionally, funds will be used to bolster its marketing and sales activities, with plans to onboard more firms to its P2P lending platform.
Previously, the company secured $461,000 in an earlier funding round, the article claims.
The FinTech startup helps connect investors and borrowers so they can build their businesses. IOUU launched its operations in 2018 and currently manages around $3.4m in outstanding loans issued by 11,000 investors, the article said.
Brazil’s FinTech sector has been dominated by WealthTech companies, with 50.6% of the total $2.7bn invested into the country’s FinTech space being to companies in the sector. Marketplace lending is the country’s second largest FinTech subsector, with 24% of the total funding.
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