LatamList – Celcoin, a Brazilian fintech, raised a $10.6M (R$55M) funding round from Torq Ventures, Vox Capital, and boostLab, the tech hub of BTG Pactual.
Founded in 2016, Celcoin first provided digital infrastructure that turns phones into a smartphone. The platform has since expanded into other verticals, including Open Finance and API. Celcoin is now the largest Open Finance platform in Brazil, serving more than 7.5 million Brazilians every month.
Celcoin’s technology allows companies to connect to the financial system quickly and easily, facilitating access to financial services for customers. The startup now serves more than 170 banks, fintechs, marketplaces, and companies and has over 36,000 connected banks.
“We are pioneers of open financial services for digital banks and fintechs. Celcoin paved the way for them to scale by offering features that were restricted to large banks. We are now helping them to become the center of their clients’ financial lives,” said Marcelo França, founder and CEO of Celcoin.
The new funding will enable Celcoin to accelerate its product development and to make new acquisitions to complement the platform’s API offers. Celcoin is also seeking Payment Institution and Payment Transaction Initiator licenses from the BACEN in Brazil.
Read more in StartUpi.