Business

Hash secures a $15 million QED Investors-led round

Hash said it plans to use the resources to scale the payment infrastructure, and also to expand the current operation to offer banking services

Hash's CEO and co-founder, João Miranda. Photo: Paulo Vitale
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  • In 2020, Hash grew ten times in the first semester alone and processed BRL 300 million in the total volume of payments;
  • Hash is looking for new professionals to compose its team.

Brazilian fintech Hash announced it has raised $15 million in a new round of financing led by venture capital firm QED Investors to expand its business, they said in a joint statement on Tuesday.

Founded in 2017 by engineer João Miranda, Hash provides digital payment infrastructure to non-financial companies interested in offering banking services.

READ ALSO: Brazil’s fintech Hash offsets 2020 carbon emissions

Venture capital managers Kaszek and Canary, who were already investors in the fintech, were also part of Hash’s new round of financing, the company said.

Hash said it plans to use the funds to scale the payment infrastructure and also to expand the current operation to offer banking services, including issuing cards, besides launching new financial products.

READ ALSO: Hash, the Brazilian fintech that helps other companies to become fintechs

The fintech wants to process more than BRL 1.5 billion in 2021. “We have democratized access to financial services and we want to enable hundreds of new payment solutions throughout Brazil, offering highly customized products that add value to the business of companies and their customers ”, explains João Miranda, founder, and CEO of the startup, in a press release.

Our goal is to make Hash the leading financial infrastructure company in Latin America. Combined with the support and expertise of QED, which already invests in several fintechs and has extensive experience in the sector, this investment will support the entire evolution of our strategic plan.

JOÃO MIRANDA, CEO at HASH

Hash’s most successful case is LeoMadeira, Brazil‘s largest wood retailer. Using Hash solutions, LeoMadeiras launched its own POS platform, used by more than 10,000 joiners across Brazil.

“The options brought by Hash make all the difference in the day-to-day lives of our customers, the joiners. They now offer the same payment facilities as the country’s major furniture stores. Also, we offer even more attractive trading conditions, greater protection, and liquidity,” says Andrea Seibel, CEO of Leo Madeiras. In 2020, Hash grew ten times in the first half alone and processed BRL 300 million in total payment volume.

READ ALSO: Brazil’s unicorn GymPass launches POS for gyms in partnership with fintech Hash

Mike Packer, a partner at QED Investors, who led the investment, said that more and more companies will continue to seek more control over payments and transaction flows to provide better experiences for their customers. “We believe that Hash will meet this need.”

In full expansion, Hash is hiring. The startup has just achieved Great Place to Work certification and is on the “100 Startups to Watch” list, from Brazil‘s PEGN Magazine. Earlier this year, Hash joined the list “Top Fintech Companies in Brazil 2021”, from the British magazine Daily Finance.

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