Brazil based start-up Monkey acquires USD 6 Million on 4th of February, 2021 in Series A funding. The organization’s main goal with the funding is to solve SME’s frustration by creating a competitive environment that brings multi-financial institutions onto Monkey’s platform to compete for the purchase of SMEs receivable with top tier buyers.
Investors: Monkey capitalized USD 6 Million in A Series funding round led by Quona Capital and Kinea Ventures. The new funding is a fragment of the main alternative investment manager in Brazil ( Kinea Investments).
What the funding is for: The freshly acquired capital would for building and improving for their financial marketplace. According to sources, they are also planning to expand their reach globally and would be focussing on advancing their technologies. They are also planning to double their team by 2022.
Founders of the company: Bruno Oliveira, Gustavo Muller and Rafael Coelho
Also Known as: Monkey Exchange
About the company: Monkey is a San Paulo based private organization which works as an online corporate financial to SMB in Brazil focused on reducing cost of capital. It was founded in July, 2016. By using a receivable chain, Monkey Exchange is providing finance to the supply chain of multinational groups by associating the suppliers to the investors in a competitive environment. Monkey has 55 large companies on its platform with a work strength of 50- 60 employees.
What the CEO has to say: “You have high rates, the spreads are crazy and it’s mostly impossible for small and medium companies to access additional capital at a reasonable price” said Gustavo Muller”, CEO of Monkey.
“We are actually thinking that what we’re doing is fundamentally different to the way that supply chain finance has been done anywhere around the world. Typically, these have been relationships between one bank and a buyer. And what Monkey is doing is kind of turning it on its head with a value proposition that we think is super strong for all three participants in the marketplace”. Said Bruno Oliveira, Co-founder of Monkey.
What the investor has to say: “By combining buyer- sanctioned marketplaces and auction – based pricing through a multi- funder platform, small and medium enterprises in Brazil have access to credit in a way that they never have before, market the cost of the capital more affordable” said Johnath Whittle, partner and Co- founder of Quona Capital.
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