August 13, 2019 |
Brazilian fintech looks to raise $100m in funding to reach 2m clients by 2022
Brazil's Toro Investimentos is meeting investors in New York this week as it looks to raise $100m in funding and expand its reach to 2m customers by 2022, LatinFinance has heard.
The financial technology firm, based in Belo Horizonte, is holding talks with private equity firms and venture capital funds that have experience in investing in emerging markets. It started the latest fundraising round three weeks ago, recruiting investors from both Brazil and abroad, said two sources involved in the discussions.
Toro had raised just over BRL100m since 2017, including BRL46m for the sale of a 25% stake to a group of investors that included Localiza CEO Eugênio Mattar. The investors have to option to buy more equity in the firm, the sources said.
Toro offers online investment platforms for middle-income earners in Brazil.