The Brazilian fintech Pagaleve has closed a $25M Series A round led by Salesforce Ventures, the software company’s CVC. This is the first time Salesforce Ventures has invested in a Brazilian company. Other participants in this round were Entrée Capital, Founder Collective, OIF Ventures, Endeavor Scale-Up Ventures and Janeiro Energy.
Pagaleve is a “Buy Now Pay Later” company that offers installment payments on PIX, without the need for credit cards, and interest-free. The fintech works on a B2B2C model and focuses on e-commerce. Pagaleve wants to cater to people who have trouble dealing with credit card limits and to those who don’t own one.
This product enables shopkeepers to accept a new payment method and helps them increase their sales in a simple, uncomplicated and agile way. Henrique Weaver, Pagaleve’s CEO, shared his thoughts on closing the Series A round:
“We are proud to be able to close an investment round like this, amidst a turbulent global economic backdrop. This only strengthens our commitment to democratize the access to installment payments for millions of Brazilians.”
With this new funding, Pagaleve will strengthen its technology platform and improve the user experience. The fintech also wants to increase its current base of 500 retailers to 1,000 by the end of the year.
Read more on Bloomberg.