Cumbuca, a Brazilian fintech, raised $3M in a round led by Lightspeed Venture Partners. It is the first investment the US VC has made in Brazil.
The company plans to use the funds to implement payment transactions (ITP) in the app and create a debit card for the country.
“The card will be very different from what already exists in Brazil. We want to remove the hassle from any task involving sharing money,” commented Daniel Ruhman, founder, and CEO of Cumbuca, in a conversation with Finsiders.
Cumbuca, launched early last year, uses a “multiplayer banking” model where users have individual accounts but can see shared money usage. Users can create multiple groups and invite friends via the app. By the end of 2022, they had 25,000 users.
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