Brazil’s Facio said to raise $5m in its seed round

Brazil-based Facio, which provides tools to improve the financial wellbeing of employees, has reportedly raised $5m in its seed round.

The investment was led by Monashees and ONEVC, with additional commitments coming from angel backers SumUp global head of growth Igor Marchesini, QuintoAndar co-founder and CEO Gabriel Braga and Y Combinator CEO Michael Seibel, according to a report from Crunchbase.

Around half of the capital from the round will be used for working capital loans and the rest will be used to increase the team size and further Facio development.

The FinTech is also in the process of getting a license to become a financial institution in Brazil. Once approved, it will be able to open accounts and take deposits, it said.

Fancio provides employees with financial education, salary advances, ways to save and payroll loans.

With the close of the round, the company has raised a total of $6.9m in funding.

Last month, fellow Brazilian FinTech startup BizCapital secured $3.5m in its funding round.??

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