Brazilian payments platform Frente raised $5.5M in a Series A round led by Magma Partners.
Frente streamlines foreign exchange transactions for businesses and individuals moving money to and from Brazil.
This investment marks Magma’s first entry into Brazil’s financial sector. It will support Frente’s international expansion and the growth of Comm.Pix, its cross-border Pix service for Brazilians living abroad.
Frente processed over $2B in transactions in 2024, up from $80M in 2021. Its growth has been driven by partnerships with companies such as PicPay, MoneyGram, Smiles, and Livelo, as well as the consolidation of its business units: FrenteTech, Frente USA, and Simple.