3.2 C
Friday, February 3, 2023

Latin America Fintech Factory, Swap, raised $25M led by Tiger Global

Must read

Swap, a Sao Paulo-based startup dealing with BaaS, has successfully raised $25 million in a series A funding led by Tiger Global Management. This company has raised $28 million since 2018 and mentioned that the present funding was heavily oversubscribed.  Different investors, such as Justine Mateen, the co-founder of Tinder, ONEVC, Endeavor, Flourish Ventures, Global Founders Capital, and many others, have participated in the funding process. Some angel investors like Ariel Lambrecht, the co-founder of 99, and Guilherme Bonifácio, the co-founder of iFood, have also been present during the funding process. Swap is founded by Douglas Storf, Alexandre Takinami, and Ury Rappaport. The main aim of this company is to transform their financial services through APIs.

Moreover, this company specializes in developing an infrastructure for different financial solutions that can be used to monetize various platforms. The growth of the company has been huge in the last few years. The customer base of the company has expanded by 300%. This company has consistently witnessed a growth of 30% per month and a growth of 7500% year over year in the third quarter. CEO of the company Douglas Storf have mentioned that the company has been able to achieve product-market fit, which are helping more and more companies in their embedded finance into their products. Swap presently operates in Brazil and is looking to gain capital to expand its business. This company segments in market-based on technological and market perspectives. Storf has also mentioned that fintech can provide integrated solutions efficiently and quickly. Swap works as a card processor, bin sponsor, and partner bank. The company’s full-service approach separates it from other BaaS companies in the market. This company launched Multiflex in 2021, aiming to provide flexible benefits to the companies. To be precise, this company wants to become “LatAm’s fintech factory”. 

Currently, this company has 15 customers, including BMP Money Plus, A55, Z1, Swile and others. Looking ahead, Storf adds that moving into new markets outside of Brazil will be a logical progression as its clientele spreads to other Latin American nations. Moving into new areas outside of Brazil will be a logical evolution, says Storf, as its clientele expands to other Latin American countries. Looking ahead, Storf adds that as its clientele spreads to other Latin American nations, moving into new markets outside of Brazil will be a logical progression.

Partner of Tiger Global Partner Alex Cook mentioned that the total number of fintech companies has drastically increased, reducing the cost and improving customer experience. The company is excited to partner with companies like Doug, Ury and the Swap team as it will enable to development of an improved banking and card issuing facility in Brazil. Card as a Service and Infrastructure for Credit are the two main products that Swap offers today, according to Bruno Yoshimura, general partner, and co-founder of ONEVC.

Also Read More Related Business News:-

Accel Announces Its Seventh Indian Fund With $650M Funding ,

Fidel API Lands $65M In Series B Funding, Proving Fintech Infrastructure Is Hotter Than Ever

More articles

Latest article