The Brazilian wealth management startup Warren announced it extended its Series C round. The investment was led by Citi Ventures, QED, Kaszek, and GIC.
Warren is a digital investment broker, asset manager, and administrator that is democratizing access to investments for consumers in all segments. When clients manage their wealth through Warren, they don’t have to choose between earning low interest on saving accounts or paying very high commission fees to brokers. The startup aligned its interests with those of its clients:
“Using the Warren Model, we democratize wealth management services: our clients invest according to their goals, they pay no brokerage fees, paying only a flat fee for all of our services and moreover receiving 100% of our commission back when they invest in funds belonging to other managers on our platform,” CEO and founder Tito Gusmão explains.
The startup had raised a ~$60M Series C in April 2021. This round was led by GIC, Singapore’s sovereign wealth fund, which has previously invested in large groups such as Nubank, Hotmart, VR Beneficios and more. Other investors in the company that participated in the Series C and previous rounds are Ribbit, Kaszek, Chromo Invest Funds, QED, Meli Funds and Quartz Funds.
Citi Ventures evaluated an investment in Warren when the Series C round was already closing. This round extension represents the second investment of Citi Ventures on a Brazilian company. The funds raised were not disclosed due to a confidentiality agreement, but according to Tito Gusmão, Warren’s valuation has increased.
The startup is planning to open a Series D round in the near future, and in the meantime, this new funding will be invested in expanding Warren’s operation.