Brazilian fintech Oxpay raised $3.5M from SRM Ventures, the venture capital arm of SRM Asset.
Oxpay will use the funds to acquire new clients, hoping to grow its digital account’s payment volume (TPV) by 10 times by the end of next year.
“Currently, we work with 36 carriers and have over 10K registered drivers, serving Brazil’s leading companies and marketplaces. The partnership with SRM not only strengthens our finances but also provides us with the expertise to enhance our platform, expanding the credit offering in a safe and sustainable way. This investment also allows us to fulfill our purpose of being the bank for freight drivers,” said Robert Ferreira, Oxpay’s Founder and CEO.
Founded in 2021, Oxpay provides a digital account for transportation companies and drivers. Oxpay services include receivables anticipation, contract signing, invoice issuance, and payments.
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