Brazilian firm TruePay has secured $32m from a financing raise led by venture capital company Addition. being described as one of the largest ever Series A rounds in Brazil.
The funding round has been described as ‘one of the largest ever Series A rounds in Brazil’ to date.
Founded in 2020, TruePay has developed a payment solution that helps small and medium sized retailers have free and secure access to credit. The solution allows industries to grant credit without being exposed to risk and buyers may access credit seamlessly at no cost.
TruePay currently has clients across Brazil and has a merchant base in the thousands. The company claims it has been growing at 100% a month and plans to grow tenfold by the end of next year.
According to TruePay, it intends to use its newly raised funds to improve its payment solution, increase capacity and expand its team.
TruePay CEO and co-founder Pedro Olivera said, “We are very happy to have the trust of some of the best investors in the world as well as the super talented people that we were able to bring on board. A raise like this is a symbol of the impact TruePay will make in the market by delivering free credit to millions of merchants in Brazil.”
Addition founder Lee Fixel added, “The strength of TruePay’s solution lies in the convergence of a real and untapped need amongst retailers to unlock credit and free up working capital, a large addressable market and a talented team,” said Lee Fixel, Founder of Addition. “We look forward to supporting the company as it continues to develop its innovative, convenient and low-cost payment technology.”
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