Brazilian neobank Z1, which is aimed at providing teenagers with a digital bank account, has reportedly scored $10m in its Series A funding round.
The capital injection was led by Latin American investment firm Kaszek, according to a report from TechCrunch. Capital also came from MAYA Capital, Homebrew, Clocktower and The Chainsmokers.
With the fresh funds, the company will be able to increase its engineering, product, marketing and customer experience teams, with plans to reach 100 employees within the next three months.
This hiring drive will be crucial to Z1’s ambitious growth plans, with it hoping to grow ten-times in 12 months and release new features to boost financial inclusion.
Alongside the close of the Series A, Z1 is now offering its core banking services for free – dropping the $2 monthly fee.
Z1 was founded in 2019 and provides teenagers and young adults in Latin America with a digital banking app and prepaid card to help them learn financial independence.
The company has had strong growth in 2021, with its revenue increasing by 26-times since April, TechCrunch reported.
Several FinTech companies aimed at supporting the financial independence of children has experienced strong growth this year. Earlier this week, UNest raised $26m in its Series B round to help it launch new features. The company helps families save and invest money to support the future of their children.
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