Investment platform Warren Brasil has raised $22.5m in a Series B round led by QED Investors.
Kaszek Ventures, Chromo Invest, Ribbit, MELI Fund, WPA and Quartz also participated in the Latin American FinTech company’s investment round.
The startup will use the funds to boosts the development of its technology, according to Contxto.
The founders launched the venture in 2017 with the aim to make the process of investing as transparent as possible.
The news comes after the FinTech industry in Latin America experienced huge growth in funding between 2016 and 2019. During that period, the annual funding skyrocketed from $350.4m to $2.75bn, according to FinTech Global. That represented a compound annual capital growth of 98.9%.
Deal activity also increased during the period, peaking at 186 transactions in 2018 before dropping slightly to 171 in 2019. Despite that small drop, last year saw a record amount of funding mainly driven by ten deals over $100m, including a mammoth $400m Series F round raised by Nubank, a Brazilian challenger bank.
In the first quarter of 2020, the FinTech industry in Latin America raised $475.1m.
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