Brazil’s Magnetis raises $11M in a Series B led by Redpoint eventures and launches own brokerage

LatamList – Digital wealth management solution Magnetis, recently closed a $11M Series B investment round led by Redpoint eventures, with participation from Vostok Emerging Finance. Magnetis is Brazil’s first digital wealth platform powered by AI.

Luciano Tavares, founder and CEO of Magnetis commented on the investment, “It only reinforces the credibility of our service and business model, which uses technology for goal-based investment management, without creating a conflict of interest.” 

He continued to explain that the new funding will be used to launch their own brokerage and to develop new functionalities that improve customer experience by providing a personalized journey through goal-based investments.

Magnetis’ algorithm chooses the best path to achieve a client’s financial goals in a holistic manner, taking into account the client’s priorities, risk profile, and financial objectives in long-term investment plans of up to 100 years. Its robo-advisor analyzes and executes the best investment decisions, always keeping clients’ portfolios well-balanced and diversified. However, the company’s human consultants are always available to assist customers.

To avoid conflicts of interest on the part of banks and brokers, Magnetis adopted a fiduciary remuneration model, meaning that they do not receive commissions on the products they recommend to costumers.

“The vision is to be a financial guide for our clients; making their investment experience simpler. A total integration with the broker makes the client’s journey simpler, more consolidated and complete,” said Tavares. 

Since founding in 2015, Magnetis has set up over 350,000 investment plans and has more than $82.8M (R$430M) under management, and plans to double this amount to $192M (R$1B) within the next year.

“Magnetis is well-positioned for accelerated growth and our team at Redpoint is excited about guiding them during this new phase of our partnership as the fintech sector continues to boom in Brazil and beyond,” said Anderson Thees, founder and managing partner at Redpoint eventures.

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