Only one year old, the Brazilian fintech BrBatel has just announced new fundraising with family office Doninelli Participações. The investment amount was not disclosed, but, according to the startup, the round brought the company’s valuation to BRL 150 million.
Founded by Gabriel Nasser, Julio César Doninelli, Lucas Flores, and Marcos Mendonça, BrBatel has built a platform to speed up the granting of credit for companies, especially in the real estate, industrial, retail, agribusiness, and energy sectors. On its platform, fintech performs the entire credit analysis and finds the best credit product among those available.
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The credit delivered by BrBatel comes from the fintech‘s partnerships with other offices. That is, instead of having its own fund, BrBatel uses funding from the credit market, which, according to the founders, enables a greater scale in operations.
“We focus on credit operations starting at BRL 5 million, generally for medium and large companies. Many times they would not even be able to raise funds independently with the banks,” explains Flores, BrBatel’s CEO.
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According to the entrepreneur, BrBatel competes with the banks themselves. “Despite the great advances of Brazil‘s Central Bank, the process of raising business credit is still the same as it used to be. The information is sent by e-mail (or physical channels), each creditor does its own analysis and asks for dozens of additional information, not to mention aspects that force companies to sign insurance contracts to get better conditions,” he says.
In one year, the fintech made feasible more than 50 operations for companies throughout Brazil and reached more than BRL 650 million in funding, besides having more than BRL 1.2 billion in ongoing operations. The company expects to have revenues of BRL 12 million in 2021. In 2022, the goal is to perform credit operations above BRL 2 billion.
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“We expect to quadruple our business and we also intend to broaden our services to include small businesses,” adds Flores.
The newly infused capital will be invested in the improvement of technology for the automation of credit operations, investments in marketing, and the increase of the team from 26 to 40 by the end of the first half of 2022.