LatamList – Swap, a Brazilian fintech, raised a $3.3M seed round led by ONEVC. Other participants included Canary, GFC, SOMA Capital, ABSeed, Flourish Ventures, Rhombuz Capital, Hustle Fund, and angel investors Patrick Sigrist and Brad Flora.
Swap is a financial services provider that uses API technology to transform businesses’ internal finance systems. Client businesses can create complete financial ecosystems, including pre-paid cards and digital wallets, to further monetize and improve their platform.
“We are like AWS (Amazon Web Services) for payments, helping companies to improve connection, experience, and embed finance into their business so they can stop outsourcing those functions,” commented Ury Rappaport, co-founder and CPO of Swap.
Rappaport and Douglas Storf, Swap’s other founder, both previously worked at Brazil’s taxi service, 99. They were responsible for designing the new payments feature on the 99 app.
In the past four months, Swap has doubled its client base. The startup plans to use the funding to finalize the product infrastructure and facilitate taking on new clients.
“A lot of our potential clients are starting new revenue streams since being impacted [by COVID-19] and are looking for new ways to explore the existing base. Creating a fintech inside the company is a good way to leverage the ecosystem,” said Bruno Yoshimura, co-founder of ONEVC.
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