Brazil-based FinTech company Transfeera has reportedly raised BRL 7m ($1.3m) in funding.
The investment was led by Honey Island and 4UM Investimentos, which are both Brazilian investors focused on FinTech, according to a report from Startupi.
Other commitments came from Bossanova Investimentos, Opus, Goodz Capital and Curitiba Angels.
Founded in 2017, the company is confident the funding will place it in its next phase. The capital will be used to support its product team and accelerate the enhancement of its solutions.
Transfeera serves over 470 customers and moved around BRL 12.8bn ($2.5bn) in 2022 and experienced a growth of 206% in transactions completed. The company claims to complete over one million transactions each month.
The company claims to have launched the first payment initiation API aimed at PIX, which is an instant payment system created and managed by Banco Central do Brasil.
Transfeera provides companies with the tools to process, manage and automate payments securely, transparently and quickly.
Transfeera recently named its co-founder Fernando Nunes as its new CEO.
Speaking on the funding round, Nunes said, “With the API we developed, the checkout process for a purchase, for example, was extremely simplified, reducing the current process to less than half, which has a huge impact on reducing cart abandonment. We reduced from 7 steps to complete a sale, to just 3. In this way, both the consumer and the seller can have a much simpler, more intuitive and direct buying and selling process.”
Late last year, fellow Brazil-based FinTech FinTech company Senhasegura raised $13m for its Series A. The company offers a privileged access management solution.
Brazil’s FinTech sector is booming in Latin America. FinTech Global’s data found that the country accounted for over half of all FinTech deals in LatAm during Q3 2022. Brazil was also home to seven of the ten biggest deals during the quarter.
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