LatAm List – VirtusPay, a Brazilian fintech that offers installment purchases for people with idle credit limits and an interest in earning miles, recently raised $1.44M (R$6M) in its first round of investment from Vox Capital and Kviv Ventures. The venture capital funds in exchange will receive an undisclosed share of the company.
“The money will be invested in team building, risk controls, anti-fraud system, operations, technology, and sales. We will invest in customer acquisition. Once we pick up speed, we want to keep our foot on the accelerator,” said Gustavo Câmara, co-founder and CEO of VirtusPay.
VirtusPay makes a transaction to occupy its clients’ idle credit card limits as if it were a purchase, and the cardholder keeps the miles in turn. Then Virtus’ name will appear on the invoice as the buyer.
“There are more than 100M people with inadequate credit supply in Brazil, while there is a stock of $84.3B (R$350B) per month of stopped credit limit. We have been able to optimize all this by generating extra revenue for the issuing bank, the acquirer and the card brands, ”said Câmara.
“Virtus allows people to access credit and accumulate assets. This is innovative and that’s what we like about the company,” said Daniel Izzo, Vox Capital’s founder and CEO.
Read more on LAVCA.
1 comment
It is pleasant to read such entries. Clearly and understandably written. I appreciate people who like to share their passion. Please visit my website 1do.pl. It is not that professional yet, but I try to make it better and better.