Quasar Flash has reportedly raised $4.5m in its Series A round to help it deepen its credit risk analytics.
Brazil-focused investment firm Valor Capital Group led the investment, according to a report from Contxto.
The company helps businesses access financing options for their receivables, with Quasar assessing an applicant’s balance sheet to judge the eligibility and terms of the loan.
Quasar Flash CEO and Founder Carlos Maggioli said, “We want to revolutionize the factoring business in Brazil which is still very regionalized. We seek to achieve a large scale through technology.”
Brazil’s has built up a strong FinTech sector. Earlier in the week, fellow Brazilian startup Acesso Digital raised $108m in funding to support the launch of new services.
The company offers digital identity verification tools that help banks and FinTechs to verify the identity of their customers and transactions.
Brazil has seen nearly $3bn invested across 197 FinTech deals between 2015 and 2019, FinTech Global’s data shows. The majority of this came last year when $1.6bn was invested through 44 investments.
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