Financial management platform a55 has reportedly closed a $2m investment from E3 Negócios to grow the size of its team.
The company will use the funds to grow its team from 60 to 100 by the end of the year, according to a report from Contxto.
a55 provides businesses in Mexico and Brazil with a financial management platform that helps them grow their sales. Its platform leverages data to track receivables, generate insights on customer behaviour and access credit.
The FinTech offers companies income-secured alternative SME lending solutions.
This investment comes hot off the heels of an investment from Santander InnoVentures.
Brazil’s FinTech sector is growing rapidly. The company is home to decacorn NuBank and a number of other unicorn FinTechs. Last month, digital identity business Acesso Digital closed a $108m funding round from General Atlantic and SoftBank Latin America.
Between 2015 and 2019, a total of $2.7bn has been invested into FinTech companies in the country, FinTech Global’s data shows. The largest portion of this has gone to WealthTech companies, which have received 50.6% of the total capital.
Last year was stellar for FinTech funding in the country. A total of $1.6bn was invested in the year, which is greater than the total capital invested in 2015, 2016, 2017 and 2018 combined.
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