This week, the lending startup announced it closed US$2 million through E3 Negócios. It will use the investment to expand its team from 60 people to an eventual 100 by next year.
Last May, a55 announced it closed US$5 million through Santander InnoVentures (recently rebranded and launched as Mouro Capital).
a55, a different kind of investor
The fintech currently operates in Mexico and its native Brazil offering businesses—particularly those operating as SaaS businesses—working capital loans. But that’s not all.
Through its platform, companies upload their invoices and bank statements. Business owners can then access free perks like bank reconciliations and insights regarding their operations thanks to the platform’s AI tech.
Moreover, this data also helps a55 get an in-depth understanding of the company in order to procure a loan.
“We act like an investor by trying to understand the [business] model and projecting revenue. Though in practice we make a working capital contribution,” André Wetter, co-Founder and CEO at a55 told NeoFeed.
A lot points to the potential opportunities for lending startups, courtesy of Covid-19. However, a55 is taking a steady approach in terms of scaling. It first wants to surpass R$1 billion (~US$177.3 million) in credit in Brazil and US$100 million in Mexico by 2022 before reaching new markets in Latin America.
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