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Brazil's TruePay raises USD 32 mln in Series A

Wednesday 24 November 2021 15:00 CET | News

Brazil-based B2B fintech TruePay has announced a USD 32 million Series A funding.

The round was led by venture capital Addition. TruePay created a payment solution to help access credit for small and medium retailers. The startup’s buy now, pay later solution allows retailers to obtain credit using card receivables as a form of payment.

With the capital injection, the fintech will expand the development of its technologies, increase its service capacity, and hire new employees. According to the fintech, the goal is to grow up to 10 times by the end of 2022.

TruePay is building a network of B2B payments, where sellers (industries) grant credit without being exposed to default risk (TruePay guarantees payment) and where buyers (merchants) access to credit to buy inventory from their suppliers without costs.

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Keywords: funding, SME lending, BNPL, B2B payments
Categories: Banking & Fintech | Payments General
Countries: Brazil
This article is part of category

Banking & Fintech