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According to BizCapital, the money will be used to develop new products for micro and small entrepreneurs, in addition to new distribution channels. The startup, which offers loans of up to BRL 200,000 to SMBs, told the news portal Valor Investe, that demand has increased during the coronavirus crisis. Loan applications grew 19% in March and April when compared to the same period of 2019.
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“This latest round reinforces investors’ confidence in BizCapital’s ability to innovate in the Latin American credit market amid challenging circumstances caused by Covid-19,” said Francisco Ferreira, the company’s chief executive, in a statement published by TechCrunch. “We have seen four times as many business credit inquiries on our site year over year, and we are ready to serve them.”
The company, founded in 2016, has more than 5,000 customers across 1,200 cities in Brazil.
The post about “Brazil’s BizCapital raises $12 million in an investment round led by DEG" first appeared on the LABS website.
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