Marvin, a Brazilian platform that operates credit card receivables, announced its second funding round in less than three months since its launch. The investment was led by the venture capital company Canary. Eduardo Gouveia, former CEO of Cielo, Alelo, Livelo and Multiplus, also participated. The amount raised was not disclosed. In June, shortly after its debut, the fintech had already secured investment from Mauá Capital, an asset manager owned by the former director of the Brazilian Central Bank Luiz Fernando Figueiredo.
Marvin’s business is to turn credit card receivables into a kind of payment method itself. In other words, a merchant has some amount of credit card receivables and at the same time needs some amount to pay a supplier. Through Marvin’s platform, the store is able to use these receivables to pay the supplier, without the need to anticipate the receivables.
The fintech‘s co-founders, Bernardo Vale and Henrique Echenique, explain that this way the platform helps suppliers to sell more, but also the small retailer to buy without having to wait for the receipt of card receivables. Launched in May of this year, Marvin already has more than 20 client companies and projects to transact BRL 500 million in the second half of 2021.
The new capital will help the fintech to leverage the operation and expand the team. According to Vale and Echenique, Marvin is meeting a demand that the entrepreneurs were not expected until 2022. “The difficulty that the market is going through turned into an opportunity for us, so we are accelerating,” Vale said.
The way the two “seized the opportunity,” in fact, was what attracted the new investors. “They were the team that impressed us the most because of their knowledge of the payment arrangements market,” said Marcos Toledo, partner at venture capital firm Canary. “It is remarkable how much expertise, technology, and how prepared they are in this market,” Gouveia added.