Brazilian PayTech startup Barte has reportedly raised $3m in its seed funding round to help bolster its position in the country.
The investment was led by LatAm-focused investor NXTP and London-based Force Over Mass, with VentureFriends also joining the round, according to a report from FinTech Finance News. This investment marks Force Over Mass’ first investment into Brazil.
Barte experienced ten-times growth in 2022 and hopes the capital injection will enable it to repeat this in 2023.
Founded in 2021, Barte aims to transform B2B interactions in Latin America. The platform streamlines processes and provides access to working capital financing.
Barte co-founder and CEO Caetano Lacerda said, “In 2022 we grew volumes by more than 10x. We consolidated ourselves as the reference for B2B SMEs seeking to optimise payments until they don’t need to think about it anymore – and it’s great to relieve an increasing number of customers from what is still a major pain point in LatAm.
“The round is a vote of confidence from new and previous investors in our execution, and will help us to take the next step as a company and further scale our operations and product.”
This is not the first Brazilian FinTech company to raise capital this week. Blipay, which aims to improve financial services experiences, recently raised $6.7m in a debt financing round. Its mobile app allows users to get early access to their salary, with zero interest.
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.
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