A55, a Sao Paulo-based fintech startup providing a financial underwriting platform to deliver a credit line system to firms with recurring revenue, has raised US$ 17 million in a Series B investment round led by Movile on 14 January 2022.
Investors: The latest investment round featured Movile as the lead investor with participation from Santander Bank and Mouro Capital. The startup has managed to raise, in total, US$ 59 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards building new blockchain and data-science based technologies and increasing the team size to accelerate the expansion plans in Mexico and Brazil. It aims to widen its customer base within and beyond the e-commerce and online subscriptions verticals.
About a55
Brought to existence in 2017 by Hugo Mathecowitsh and André Wetter, a55 envisages becoming the standard credit solution of enterprises and supporting entrepreneurs to grow their businesses. It enhances the growth of tech firms, offering them credit without the requirement of maintaining an equity or credit score, without charging high interest or demanding actual assets as collateral. At present, the company functions in Mexico and Brazil with the help of an open-finance platform that links online performance, banking and payments data for its surging user base. Since its inception, the firm has witnessed exponential growth, offering over US$ 54 million as loans to over 500 firms.
What the Founder has to say: “a55 is in the early days of grabbing the massive opportunity available to the Latin American fintech industry. Apart from enabling new economy companies to avail credit easily as compared to that offered by conventional institutions, a55 provides investors with a chance to broaden their portfolio by backing firms which portray an exponential revenue growth record.”- Hugo Mathecowitsch, Co-Founder and CEO of a55.
What the Investor has to say: “We have been financially supporting fintech firms for many years and well-understand the sector’s potential to achieve consistent, rapid growth in South America. Firms with new-age solutions such as a55 are revolutionising the accessibility to financial services by aiding businesses to avail credit after analysing their future revenue-earning potential. The invention of employing data to provide credit to businesses will offer a huge growth opportunity to the startup domain in South America.”- Fabio Massuda, Director of Strategy and Investments at Movile.
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