Brazilian fintech PayHop, which allows suppliers and retailers to transact and secure payments using receivables, raised an undisclosed amount in a round led by TOTVS’s CVC fund iDEXO. Experian Ventures, DOMO.VC, and Citrino Ventures also participated in the round.
PayHop will use the funds to provide credit solutions based on electronic invoice duplicates. These duplicates serve as a confirmation for credit transactions in buy now, pay later sales. The choice of partnering up with iDEXO was strategic:
“We offer credit using receivables, and this information also goes through TOTVS’s ERPs (a system that manages finance, HR, inventory, and supply chain in one platform),” said Eduardo Rossi, Co-Founder and CEO of PayHop.
Founded in 2020, PayHop connects suppliers with retailers, and uses the retailer’s receivables to secure supplier payments and lower default risks.
By the end of 2023, PayHop had $40M in transacted value on their platform.
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