TruePay, a Brazilian fintech startup, announced a $32M Series A funding round. The funding, led by Addition, will be used to improve the solution, increase capacity and expand the team from 50 to 100 members by the end of the year.
This investment is one of the largest ever made in Brazil and represents the first time Addition leads a Series A in Latin America.
In December 2020, Pedro Oliveira and Luis Eduardo Cascão left their jobs as venture capitalists at Kaszek and DNA Capital to start the fintech company. TruePay is building a B2B Buy Now Pay Later network where sellers can grant credit without being exposed to default risk, and buyers have access to credit to buy inventory from their suppliers seamlessly and costlessly.
“We are happy to have the trust of some of the best investors in the world as well as super-talented people 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”, said Pedro Oliveira, CEO, and co-founder of TruePay.
Read more on: PR Newswire
