Flourish Savings, a digital engagement platform aimed at financial institutions, has reportedly raised $1.5m in a fresh funding round.
The investment was led by Canary, a Brazil-based venture firm, with additional commitments coming from Xochi Ventures, First Check Ventures, Magma Capital and GV Angels, according to a report from TechCrunch.
A number of angels also contributed to the round, including former Bank of America CEO in Brazil Rodrigo Xavier, The People Fund president and CEO Gustavo Lasala and Viva Real founder Brian Requarth.
Capital from the round will be used to increase its customer base in Latin America, hire more staff and build new functionalities. Furthermore, the company will be used to further its growth in Brazil and expand into other countries in the region.
The FinTech provides users with rewards when they have good savings behaviour. Its mobile app leverages gamification to encourage savings and reward users for their efforts.
Its services are currently used in the US, Brazil and Bolivia.
Flourish Savings co-founder Pedro Moura told TechCrunch “There are three things that make Latin America, and more specifically Brazil, attractive to us at this moment.
“Currently, the B2B financial technology market is still in its nascency. This combined with open banking regulation and the need for more responsible products provides Flourish a unique opportunity in Brazil.”
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