LatamList – Monkey, a Brazilian fintech marketplace, raised a $6M Series A led by Quona Capital and Kinea.
Monkey is the largest financial marketplace for receivables in Latin America. The platform aims to democratize access to credit in Latin America by connecting SMEs to a network of Supply Chain Finance (SFC) programs. These programs include Petrobras, FCA Group, Gerda, Minerva, and more, for buyers to find the best receivables and suppliers in the market.
“The Brazilian financial system is highly concentrated among just a few players, with little competition. We started Monkey to create a solution for the frustrations that we knew existed among SMEs, who lacked abundant sources of funding at a fair price,” said Gustavo Müller, CEO and co-founder of Monkey.
Monkey will use the funding to grow its executive team with more development and data analysis personnel. The startup is also looking to expand across the Latin American markets and strengthen its presence in Brazil.
“This funding round allows us to accelerate the pace of releasing new features and products for clients, investors, and the Monkey SME ecosystem of more than 200,000 companies,” said Bruno Oliveira, COO and co-founder of Monkey.
The startup previously raised $1.5M in Seed funding from Wayra Brazil, Parallax Ventures, and various private investors.