By Edlyn Cardoza
- Financial needs
FinanZero, the Brazilian online credit marketplace, recently announced the closing of a $4 million funding round, its fourth since its launch. The round was led by Swedish investors VEF, Dunross & Co, Atlant Fonder and Webrock Ventures, which have previously invested in the company. The product will contribute to FinanZero’s expansion plan in the Brazilian market.
FinanZero allows consumers to choose the loan that best suits their financial needs by comparing multiple offers from a network of 60 lenders in a single search. With over 1.5 million loan applications per month, a growing database of 31 million people and a generated loan volume of 900 million Brazilian reals, the company is fully poised for continued growth. In the first half of 2022, loan applications increased by 82% compared to the first half of 2021.
FinanZero was founded by Swedish-Brazilian investment firm Webrock Ventures and Swedish entrepreneurs Olle Widén and Kristian Jakobsson. FinanZero has raised $27 million and the major shareholders today are Webrock Ventures and VEF.
FinanZero has become an important customer acquisition channel for Brazilian lenders. These new funds will allow FinanZero to focus on product development and deepen technical integration with its banking partners.
Olle Widén, co-founder and CEO of FinanZero, said, “This round of financing demonstrates the strength of our business model and the strong support of our owners, who share our long-term vision to become the leading lending platform in Brazil. This financing allows us to be profitable in 2023.”
“Our mission is to empower Brazilian consumers by providing more transparency through a one-stop shop for loans, and we will continue to democratize access to the credit market by providing more accessible loans to consumers who previously struggled to get them,” Widen continued.
David Nangle, CEO of VEF, said, “We continue to support the FinanZero team on their journey to build the first credit market in Brazil. Brazil remains the most attractive fintech opportunity in the world and, in this context, loans are the biggest opportunity with the most advantageous unit economies. With a strong track record of earnings under their belt, this capital should pave the way for continued robust growth and a controlled path to profitability for Olle and his team.
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