BizCapital, a Brazil-based SME online lending platform, announced on Friday it secured an additional $3 million through its Series B, bringing the investment round’s total amount to $15 million. The new funds come from Netherlands-based social impact investor Oikocredit.
As previously reported, BizCapital provides online working capital loans to SMEs. The company’s key mission is to help Brazilian entrepreneurs get access to the capital that they are needing to grow their business. The platform has reportedly served serving over 7,000 clients in more than 1,200 cities across Brazil. Speaking about the new funds, Francisco Ferreira, BizCapital Co-founder and CEO, stated:
“We know that small businesses were directly impacted by the COVID-19 crisis, and this additional investment helps BizCapital offer alternative solutions to these entrepreneurs.”
Nicolás Arrosa, Equity Analyst, of Oikocredit, concluded:
“We support the company’s mission of promoting responsible financial inclusion and generating meaningful social impact by creating thousands of jobs in Brazil.”
BizCapital went on to add that the investment round’s capital infusion will be used in the development of new product offerings and expansion of distribution channels that will allow the fintech to expand its reach to even more SMEs across Brazil.