Blipay raised $6.7M in debt financing from SRM Ventures, a corporate Venture Capital focused on fintech.
Blipay’s primary business revolves around offering salary anticipation services to employees, enabling them to access their wages before the official payday. The funds will be used to expand the credit line for its salary anticipation product.
“Blipay impressed us despite being new to the market. We want to help them expand their salary anticipation service and grow the market in Brazil,” said André Szapiro, Head of SRM Ventures.
Blipay currently operates in Brazil but plans to expand its product offerings and customer base to other categories. The company aims to serve 300,000 customers with its salary anticipation product.
Read more on LatamFintech.