The Brazilian fintech Franq has closed a $12M Series A round led by Quona Capital. Other participants in this round were Globo Ventures, Broadhaven Capital, and Valor Capital Group.
Franq’s mission is to democratize access to financial services for SMEs and consumers. The startup connects customers and companies with financial products from more than 50 providers (banks, insurers, other fintechs) through “Personal Bankers”.
These are freelance bankers that use their expertise to identify the best products from multiple providers, which SMEs and consumers can access through Franq’s platform. The fintech operates with approximately 7,000 Personal Bankers.
According to Paulo Silva, Franq’s CEO:
“Franq is focused on giving consumers more access and choices, and giving bank agents more opportunities to work independently. In addition to integrating banks, fintechs, insurers, and brokers on a single platform, we offer full support for bank agents to get started with technology, training, content, marketing and accounting advice, and support from product specialists.”
Some of the financial product providers are Itaú, Bradesco and Santander. According to the company, the capital will be used for technology and team growth.
