Brazil-based digital identity business Acesso Digital has closed a $108m investment, which is one of the largest of its type in the region.
The round was led by growth equity firm General Atlantic and the SoftBank Latin America Fund. The company claims this is the largest Series B investment into a Latin American SaaS company.
Proceeds from the round will help the RegTech continue its growth, launch new products and services, and increase the size of its team. Accesso will lao explore acquisition and investment opportunities.
Banks, retailers and FinTechs use Acesso’s digital identity authentication solution to ease their onboarding processes. Its tool suite includes facial recognition, remote hiring and electronic signatures.
General Atlantic co-president, managing director and head of Latin America Martín Escobari said, “Global consumers are increasingly discovering and using digital products, and in the current environment, we are seeing the long-term trend toward digitalization further accelerate.
“We believe Acesso Digital’s unique offerings strongly position the Company to continue to capitalize on digital transformation opportunities and capture growth. We are thrilled to be partnering with the talented team at Acesso Digital and look forward to bringing its digital ID solutions to more clients across Brazil.”
With the coronavirus increasing people’s online activities, the FinTech has reportedly seen the volume of transactions analysed by its technology double, and billing grow by 28% since March.
Previously, Acesso closed a funding round on $7.4m in January 2020 led by e.Bricks Ventures.
Between 2015 and 2019 there was a total of $2.9bn invested into Brazil’s FinTech sector, of which, 50.6% went to WealthTech companies.
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