- The startup, which has added more than BRL 10 billion in transactions since its founding in 2016, has doubled in size compared to last year;
- The company said it intends to use the investment to invest in new businesses and services, mainly aimed at small and medium-sized companies that already provide services abroad.
The Brazilian platform for international remittances Remessa Online has received BRL 110 million from an investment round led by Kaszek Ventures, one of the largest venture capital funds in Latin America, and Kevin Efrusy, partner of the American fund Accel, a pioneer investor of Facebook, in addition to the participation of Bewater Ventures.
READ ALSO: Mexico and Colombia-based real estate startup La Haus raises $16 million in funding
The startup, which has added more than BRL 10 billion in transactions since its founding in 2016, has doubled in size compared to last year and continues to break records for customer acquisition and operations, even during the crisis, which drew investors’ attention.
With the investment, executive Hernan Kazah, co-founder of MercadoLibre and Kaszek Ventures, joins the board of fintech, which already has other important names in the local innovation ecosystem such as André Penha, co-founder of the real estate startup Quinto Andar, and the experienced Fabio Armaganijan, partner of Bewater Ventures and former COO of Kraft Heinz in the US.
“The current crisis is accelerating the digitization of various sectors around the world and Remessa Online is at the forefront of this movement, transforming and revolutionizing the international transfer market in Brazil, especially for SMBs,” said Kazah in a press release.
READ ALSO: With a new license, Transferwise will bring more services to Brazil
The company said it intends to use the investment to invest in new businesses and services, mainly aimed at small and medium-sized companies that already provide services abroad, companies with expenses and costs in other currencies, or even companies that are in the process of attracting funds.
“We want to create opportunities for small and medium-sized companies to expand their borders to the international market. The idea is mainly to support the export of services, among other global payment needs, with a very clear proposal, based on three pillars: lower operating costs, digital and scalable processes in addition to the dedicated and experienced team, ” said Alexandre Liuzzi, co-founder, and Strategy Director at Remessa Online, in a press release.
Remessa Online presents itself as the first platform of its kind (completely online) to offer international transfers to companies in the country. Today, approximately 50% of Remessa Online’s customers are owners or partners of at least one company. Remessa Online started its expansion in Latin America in May, launching its services in Argentina and Chile.