FinanZero, a Brazil-based online credit marketplace, announced on Tuesday it secured $7 million through its latest funding round, which was led by Swedish investors VEF, Dunross & Co. and Atlant Fonder.
Founded in 2016, FinanZero claims that it simplifies 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. We do the hard work negotiating with banks and you receive more loan options staying comfortable at home.”
Olle Widén, Co-Founder, and CEO at FinanZero, shared more details about the company’s progress by stating:
“The volume of credit applications on our platform continues to grow exponentially, with an average of 750,000 applications per month, generated to our 50+ lending partners. Our mission is to empower Brazilian consumers by providing more transparency through a one-stop-shop for loans, and we are seeing great traction in a time in which digital transition and favorable regulatory changes are taking place. We raised funds to capitalize on this market opportunity.”
David Nangle, CEO at VEF, then added:
“Backing our portfolio companies and their founding teams harder, when they are delivering the kind of growth and value creation that FinanZero is, is one of the easiest decisions we make as investors. Olle and the team at FinanZero are at a really exciting point in their journey and with this additional capital, we are very excited that they can continue their path to being the leading credit marketplace in one of the clearest scale opportunities in Brazilian Fintech.”
FinanZero went on to add that the investment round’s funds will be used for marketing, product development, and expansion on employees.