Brazilian FinTech company Blipay, which aims to improve financial services experiences, has reportedly raised $6.7m in a debt financing round.
SRM Ventures, a Brazilian venture capital firm, served as the lead investor, according to a report from LatamList.
With the capital injection, the Brazilian FinTech company hopes to expand the credit line for its early salary product.
Blipay also plans to expand its product offering and customer base. Its goal is to serve 300,000 customers.
The company’s mobile app allows users to get early access to their salary, with zero interest. Users can access BRL 1,000 ($194) a month and choose when to repay it over the next 30 days.
Speaking on the deal, SRM Ventures head André Szapiro said, “Blipay impressed us despite being new to the market. We want to help them expand their salary anticipation service and grow the market in Brazil.”
Another Brazilian FinTech company to raise funds recently was Transfeera, which secured $1.3m in funding. The company provides companies with the tools to process, manage and automate payments.
Elsewhere in Latin America, Colombian FinTech company KLYM raised $27m in a funding round. It raised the capital to support the expansion of its services into new markets, with Brazil its first target.
KLYM is a data-driven solution that enables it to offer real-time financial services. Its data capabilities allow it to offer solutions such as working capital.
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