Brazil’s technology startups are continuing to attract cash and financing, with the mobile personal financial service GuiaBolso raising USD 39M in fresh funding.
That GuiaBolso has emerged as a bright spot in the otherwise grim horizon of Brazil’s economic outlook speaks to a broader divergence between the country’s digital economy, which continues to grow, and its offline industries, which have been stumbling since 2015.
The simple fact that GuiaBolso could raise the amount of capital it did (Latin America’s largest round) speaks to the company’s market dominance. It has 3.5 million users on its app and is already the largest digital marketplace for credit products in the country.
The company intends to use its newfound capital to ramp up its credit financing and further integrate its services to become a more seamless financial hub for its customers.