Online credit marketplace FinanZero raises US$4 million in new round led by Swedish investors to expand further in Brazil
SAO PAULO, July 27, 2022 /PRNewswire/ — FinanZero(finanzero.com.br), from Brazil market leader in online credit, today announces the closure of a 4 million US dollars funding cycle in its fourth funding cycle. The round was led by Swedish investors VEF, Dunross & Co, Founder of Atlantic, and Webrock Ventures, all previous investors in the company. Use of the proceeds will serve to expand FinanZero’s market leadership position by Brazil.
FinanZero allows consumers to choose the loan that best suits their financial needs by comparing multiple offers from a network of 60 lenders in a single search. With more than 1.5 million loan applications per month, a growing database of 31 million people and a generated loan volume of 900 million reais, the company is well equipped for further growth. In the first half of 2022, loan applications increased by 82% compared to the first half of 2021.
FinanZero was founded by Swedish-Brazilian investment firm Webrock Ventures and Swedish entrepreneurs Olle Widén and Kristian Jakobsson. In total, FinanZero raised $27 million and the main shareholders today are Webrock Ventures and VEF.
FinanZero has built a strong brand over the years and is now the fifth most searched credit brand on Google in Brazil. Thanks to this, FinanZero has become an important customer acquisition channel for Brazilian lenders. With the new product, FinanZero will focus primarily on product development and further deepen technical integration with its banking partners.
Comment from Olle Widén, co-founder and CEO of FinanZero:
“This fundraising is a testament to the strength of our business model and the strong support of our owners, who share our long-term vision to be the leading lending platform in Brazil. With this funding, we can choose to be profitable in 2023.”
“Our mission is to empower Brazilian consumers by providing more transparency through a one-stop shop for loans and we will continue to democratize access to the credit market by offering more accessible loans to consumers who previously had difficulty obtaining a funding.”
Comment by David NangleCEO of VEF:
“We continue to support the FinanZero team on their journey to building from Brazil first credit market. Brazil remains the most attractive fintech opportunity in the world and in this framework, lending is the biggest opportunity with the most generous unit economy. With a strong delivery history behind them, this capital should pave the way for continued robust growth and a controlled path to profitability for Olle and his team.”
FinanZero is from Brazil online credit market leader for personal loans, car equity and home equity. The company acts as an independent broker where consumers choose the loan that best suits their financial needs by comparing multiple offers from a network of 60 lenders in a single search. Based at Sao PauloFinanZero currently has 75 employees.