Brazil-based Swap capitalises on rapid growth with Series A close

Swap, a bank-as-a-service platform based in Brazil, has capitalised on its 300% customer base growth with the close of a $25m Series A investment.

The round was led by Tiger Global, with commitments also coming from Endeavor, Tinder co-founder Justin Mateen, DST Global managing partner Rahul Mehta, ONEVC, GFC and Flourish funds

With the equity, Swap hopes to foster its expansion with the hiring of new staff, expanding its products to new segments and launch into new verticals.

The capital injection comes after a strong 12 months of growth. In addition to increasing its customer base by 300%, Swap experienced a 30% growth in financial volume processed per month in the last six months.

Tiger Global partner Alex Cook believes Swap can be a FinTech enabler within the Latin American marker. He said, “Swap is building a modern card issuance platform and banking infrastructure for the next generation of financial services companies in Brazil, enabling cost savings and improving experiences for consumers and businesses. We are excited about the partnership.”

Swap was founded in 2018 by Ury Rappaport and Douglas Storf and Alexandre Takinami. It was created to help companies build their own financial services, including payments, wallets and digital accounts, from cloud infrastructure and connected through APIs.

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