LatamList – Warren, an investment platform founded in 2017, recently announced that it raised $22.3M (R$120M) in its Series B round, led by QED Investors, Nubank, and Loft. The startup plans to improve the user experience with the investment platform and expand the operation.
Warren charges a single administration fee from customers on the total amount invested per year, instead of a commission for each sale.
“Warren has always had a focus on transparency and on the customer, doing this in an unprecedented way in the Brazilian market. We are excited,” said Lauren Morton, a Partner at QED.
In three years, the company reached 140,000 customers. The managed equity is$464M (R$2.5B). Since March, customers opened 15,000 new accounts, an increase of 15% over the same month of 2019. The amount managed has grown six times over last year.
For 2021, the plan is to include products such as insurance and pension. They aim to grow the team by 100 employees in the next year.
“Brazilians never spoke of money, of investments. With inflation and high interest rates, there was no way to talk about personal finances. Now, everything has changed and that gives us the possibility to talk about our model,” said Tito Gusmão, the founder of Warren.
Read more on Exame