FinanZero, a marketplace for consumer loans in Brazil, announced on Monday it raised $3.6 million through its Series A funding round, which was led by Swedish publicly listed investment company, Vostok Emerging Finance, with participation by other Swedish investors, including Webrock Ventures and Zentro Founders.
Founded in 2015 and launched in 2016, FinanZero describes itself as an independent broker for loans that negotiate with the customer’s loan application with several banks and credit institutions, to find the loan with the best interest rate and terms for the consumer. The lender also handles the lending process from start to finish. FinanZero has handled more than 600,000 loan applications and over the next 12 months, the expectation is to grow the volume of intermediated loans 10 times.
“FinanZero has simplified the way to apply for all type of consumer loan products in Brazil. We are a cost free marketplace that allows you to compare loans online and choose the option that fits your needs with the lowest interest rate and best terms.”
David Nangle, CEO of Vostok Emerging Finance, stated:
“Brazil remains our favored fintech market globally, and through FinanZero we have one of the best ways to play its extremely attractive consumer finance market. With a strong team, partnerships and growing traction, we are more than happy to continue to support team FinanZero on this exciting journey.”
Olle Widén, CEO and Co-founder of FinanZero, also commented:
“Both banks and borrowers are rapidly becoming more and more digital in Brazil and our online platform offers a win-win solution where we increase the efficiency of the banks while reducing consumers’ borrowing costs.”
FinanZero added it will the Series A funds to invest in continued expansion and marketing while also develop its online platform, to ensure a better user experience, and the digital loan broker is highly welcomed by Brazilian banks and consumers.