Brazilian digital investment management fintech platform, Magnetis announced on 30th July, 2020, that it has secured BRL 60 million (around USD 11 million) in a financing round. The investment was led by Vostok Emerging Finance and Redpoint Eventures. The latter company has also invested in many Latin America Unicorns including Creditas, Gympass and Rappi.

Previous investments received

This was the 3rd investment round by the fintech. Prior to the current round, the company had secured an investment of BRL 17 million from Monashees Capital and Vostok Emerging Finance. Before that, the company secured[1]  BRL 3 million in the year 2015 (June) from Redpoint Eventures and Monashees Capital.

Funds Utilization

The company intends to utilize the funds in improving customer experience by adopting new features and upgrading technology. The start-up is also launching its own brokerage service to support clients’ financial operations.

Founder and President of Magnetis, Luciano Tavares, explained, “With the integrated broker, the client will have a more complete option, with an integrated interface. It was not our initial plan to have a home broker. There are already several investment platforms in Brazil, we do not want to be the 20th doing the same thing.”

About the company

Luciano Tavares, Founder and CEO of Magnetis
Luciano Tavares, Founder and CEO of Magnetis

Founded in the year 2012, the financial technology platform enables an automated wealth management solutions for Brazilian investors. The company wants to transform itself into a full service brokerage for the Brazilian investors. To achieve this target, the start-up is planning to increase its assets under management from BRL 430 million to BRL 1 billion by the end of 2021.

“Our model for digital assets management and wealth creation is much more complete and sophisticated. The vision is to be a financial guide for our clients; making their investment experience simpler,” commented Mr. Tavares.

Fintech trend in Latin America

Fintech segment in Latin America is a booming investment category. With companies like Nubank skyrocketing to multi billion dollar valuations and accounting for 22 per cent of all Latin America fintech startups.

Uber, spotting this opportunity, launched Uber Money to provide financial services to its drivers. As 50% of the population in Latin America is unbanked where Uber has more than 1 million drivers, the region is definitely a ripe market. 

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