Brazilian company Fintech SuperSim, a microcredit start-up founded in Sao Paulo, recently received R$30 million (about $5.6 million) in capital through debt financing, for the South American nation’s credit market.
Consumers and businesses in Latin America have expressed fears about the difficulty of borrowing, as an applicant’s credit determination processes can take too long and prove ineffective.
As on the official website of the fintech lender:
“SuperSim was born from a dream shared by all the members of our team: to say “Yes” to as many Brazilians as possible, in a quick and undeniable way”.
Microcredit corporate is basically concentrated in socioeconomic categories C and D in Brazil. Like micro-lopers in other parts of the world, the company aims to democratize access to fashion money to publicize monetary inclusion.
SuperSim provides loans with repayment periods of four to 12 months. The company aims to ensure that borrowers repay their loans by requiring them to provide non-public belongings as collateral, which has a popular or existing requirement for Brazilian working-class borrowers.
Daniel Shteyn, president of SuperSim, noted:
“Almost no other fintech has provided cash to new customers, [except] us. To maximize the acceptance rate, we use the cell phone as a warranty [or warranty]. Our project is monetary inclusion that works in practice.”
SuperSim Control told Contxto that it plans to conduct a Serie A investment cycle before the end of 2020. Fintech says it saw a 4-fold increase in overall finishing capacity in August and April 2020.
District Ventures and two angel investors have invested in Fintech’s operations. Navi has joined the SuperSim cycle as a leading investor.
The fintech sector in Brazil continues to attract significant investments, despite the demanding situations created by the COVID-19 pandemic.
Last month, Brazilian fintech company Solf-cil secured a capital of four million dollars for local consumers to finance the installation of solar panels.
BPC, a UK-based payment provider, recently partnered with Brazilian Desk to provide virtual money to micro and small businesses to residents.
As announced in July 2020, JPMorgan Chase acquired a minority stake in FitBank, a Brazilian financial technology company that provides open banking solutions.