WEEL (previously known as WorkCapital) was founded in 2014 by Israeli-based Brazilians Simcha Neumark and Shmuel Kalmus, in partnership with Israel-based North American Russell Weiss. The entrepreneurs recognized a deficiency in the national financial system, which offers few quick loan options, and decided to found WEEL to provide better banking services.
The platform uses a risk analysis model that gives companies access to working capital at a lower cost through a conventional transaction that has a low risk of default.
WEEL has previously received US$8.5M in 2017 from Monashees, Mindset Ventures and FJ Labs.
The most recent investment was made after Banco Votorantim agreed to combine its funding and solid capital structure with WEEL’s data intelligence and sophisticated analytical model.
This partnership will allow the Brazilian bank to optimize credit limits by anticipating receivables through a new distribution channel, which in turn will help provide credit to SMEs.
Banco Votorantim’s investment will further accelerate the company’s growth rates which currently average 31% on a monthly basis and will encourage more investments in data science, according to Simcha Neumark.
Read more in LAVCA.