Business

MovilePay raises BRL 180 million for iFood to expand credit to restaurants

Funds were raised via Credit Rights Investment Fund; fintech from Movile group will expand credit offer to iFood's partner restaurants

iFood digital account
Photo: iFood/Courtesy
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MovilePay, a fintech from Movile (parent company of brands such as iFood, Playkids and Moova), has raised BRL 180 million via Credit Rights Investment Fund (FIDC, in Portuguese), a financial solution widely used in Brazilian credit markets, a type of fund composed of receivables from different kinds of issuers. Founded in 2019, MovilePay offers solutions for other companies in the segments of credit, acquiring (POS and QR Code) and banking services (account and digital wallet).

The capital will be used to expand the credit offer to iFood‘s partner restaurants through its digital account developed by MovilePay. The FIDC was structured and distributed by Itaú BBA.

READ ALSO: iFood’s owner, Movile raises a $200 million funding round from Prosus

According to Daniel Bergman, MovilePay’s CEO, the FIDC is part of the fintech company’s strategy to expand the credit portfolio of the iFood digital account. The goal is to consolidate itself as the leading financial partner for restaurants.

“We know the difficulties that restaurant owners have been struggling to maintain their business and reopen, especially small and medium-sized enterprises (SMEs). That is why we launched the investment fund, to expand access to financial assistance in a safer and faster way,” he explains.

READ ALSO: RappiBank expands its financial product portfolio and debuts in the insurance sector

Recently, the digital account iFood also launched a short credit service on demand called Dinheiro Rápido via MovilePay. The solution offers smaller loan amounts for restaurants to use on-demand within the platform and pay back when they receive the next pass-through from iFood. According to Bergman, the FIDC will allow the company to offer up to four times more credit.

In partnership with other companies from Movile’s ecosystem, such as iFood and Zoop, over the last few months, the fintech has granted more than BRL 300 million through the iFood digital account.

READ ALSO: Brazilian fintech Zoop raised a $34 million round from Movile

In early August, Movile received its largest investment since its founding in 1998: a BRL 1 billion round led by Prosus, one of the largest technology investors in the world. Prosus is also been an investor in Movile since 2008 and its majority shareholder. In addition to iFood, PlayKids and Moova, Movile owns companies such as Sympla, Zoop, Afterverse and Mensajeros Urbanos.

In the wake of a series of more than 30 deals over the past three years, Movile’s main focus is currently on the logistics, fintechs, and gaming verticals. 

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