FinanZero, a marketplace for consumer loans in Brazil, announced on Thursday it secured $11 million through its Series B funding round. Participants of the round were Atlant Fonder, Dunross & Co, and Vostok Emerging Finance.
As previously reported, 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.”
Olle Widén, CEO of FinanZero, shared:
“FinanZero will improve its technical platform and invest heavily in marketing to increase the visibility of the brand. We have already received more than 3 million loan applications in three years of operation in the Brazilian market. Today, the company has a growth of 50% per quarter, which adds up to more than 1 million visitors on our site per month.”
Speaking about the investment, David Nangle, CEO of Vostok Emerging Finance, went onto add:
“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.”