Online lending platform FinanZero, which is based in Brazil, has closed its Series A round on $3.6m to support its expansion and marketing efforts.
The round was led by Sweden-based Vostok Emerging Finance, with commitments also coming from fellow Swedish investors Webrock Ventures and Zentro Founders.
Capital from the round will be used to further FinanZero’s expansion and marketing efforts, as well as develop its online platform to improve the user experience.
The platform launched in 2016 and since then it has handled over 600,000 loan applications. In the past 12 months, it hopes to grow the volume of intermediated loans by ten times.
FinanZero is a marketplace for consumer loans in Brazil. The independent broker helps consumers with loan applications at several banks and credit institutions, ensuring they find the one with the best interest rates and terms.
Vostok Emerging Finance CEO David Nangle said, “Brazil remains our favoured FinTech market globally, and through FinanZero we have one of the best ways to play its extremely attractive consumer finance market. With a strong team, partnerships and growing traction, we are more than happy to continue to support team FinanZero on this exciting journey.”
Fellow Brazil-based FinTech company Cora recently closed its Series A round on $26.7m. The funding, which was led by Ribbit Capital, will help the digital banking platform grow its services for the self-employed.
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