Swap, a Brazil-based fintech startup, announced on Tuesday it raised $3.3 million through its Seed funding round, which was led by ONEVC with participation from Global Founders Capital, Soma Capital, Brad Flora, a.b.seed Ventures, Flourish Ventures, Canary, Hustle Fund, Rhombuz VC and Patrick Sigrist.
Founded in 2018 by Douglas Storf and Ury Rappaport, SWAP is described as a full-service fintech partner that empowers next-generation merchants to expand their markets, deliver “unmatched” product experiences and boost their economics. While sharing details about the company, Store told Crunchbase News:
“To launch your own card or app, you would have to go through a long cycle of engaging with the credit card company, and that is very expensive. We can come in and cut the time by renting our license to you or use connections we already have.”
Rappaport further commented:
“We are like AWS [Amazon Web Services] for payments, helping companies improve connection, experience and embed finance into their business so they can stop outsourcing those functions.”
Swap is planning to use the seed funds to finalize product infrastructure and runway. Swap is also looking to focus on onboarding new clients.