Ali, a FinTech that partners with companies to offer financial health solutions for employees, has raises $25m in Series A funding.
According to a report from LatAm List, the round was led by BTG Pactual.
Founded in 2018, Ali is on a mission to effectively reduce the indebtedness of Brazilians by offering them fair credit.
The FinTech personalises credit solutions and facilitates the bureaucratic process to help Brazilians achieve financial health.
For partner companies, Ali offers consigned credit for employees, focused on debt reduction, through the app Economizômetro.
This app performs an automatic survey of all credit lines taken by the user, as well as the costs of these lines, and makes the repayment and exchange of these credits for an operation with Ali.
The company has so far negotiated more than $37m in payroll-deductible loans and partnered with over 200 companies, including Deloitte and Ernst & Young. Ali’s loans have already impacted more than 250,000 employees.
With the new funding, the company wants to expand the product, commercial, technology, and human resources areas. Ali’s goal is to bring its product to 400,000 people by the end of the year and reach 1 million customers in 2023.
Bruno Souza Reis, Ali’s CEO, said, “This is the market Ali is targeting with its ‘Economizômetro’ application, which offers the automated exchange of more expensive debts with a direct discount on the payroll, helping people save on interest expenses for other lines of credit well above the average.”
Railsr, an embedded finance FinTech formerly known as Railsbank, recently raised $46m in Series C funding.
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