Z1 raises USD 10 mln in Series A

Thursday 25 November 2021 09:55 CET | News

Z1, a Brazil-based fintech, has raised USD 10 million in a Series A led by Kaszek and accompanied by MAYA Capital, Homebrew, Clocktower, and Mantis funds.

The company offers a digital account service linked to a Mastercard. The card can be used through an application on smartphones and is accepted both in virtual and physical stores, in addition to online services such as streaming and games.

After the announcement of this investment round, the startup will offer its product for free. Previously, customers were charged a monthly fee of USD 2. In the next months, the company wants to double its size, hiring for areas such as technology, product, marketing, and customer experience.

The capital raised will be directed towards expanding fintech‘s customer base as well. The firm wants to grow ten times the number of young people attended by its digital wallet by the end of 2022.

Due to regulatory aspects, accounts opened by fintech need the signature of the legal guardian for the teenagers. Currently, Z1 does not accept customers over 18 years old but already plans new services to keep customers for a long time. 

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Keywords: fintech, digital banking, banks, funding, Mastercard, startup
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Brazil
This article is part of category

Banking & Fintech