Graduated from Y Combinator’s S17 batch in 2017 and one of our portfolio startups, bxblue, a marketplace for banks that offer payroll loans to public servants and retired employees in Brazil has just raised 38 Million Reais (almost $7.1M) in Series A. The funding round was led by Igah Ventures, a Brazilian VC firm in participation with Iporanga Ventures, FundersClub and FJ Labs.
“The payroll credit market has important efficiency gaps in Brazil, and Bxblue brings the execution capacity and scalable growth needed at this time. It is the business profile that Igah seeks in its investments: companies that combine technology and innovation to address differentiated solutions in their areas of operation”, says Márcio Trigueiro, managing partner of Igah Ventures.
In its three years of operation, Bxblue has already originated more than 500 million reais in payroll loan agreements, most of this amount last year. With the contribution, the startup’s plans are to quintuple the revenue of the business by the end of the year.
“Last year we grew a lot, we reached the level of 500 million reais of origination, which seems super high. But the payroll market is about 400 billion in Brazil, we still have a beautiful path to go, we are just crawling”, says Gustavo Gorenstein, co-founder and president of the company.
Please read full story at exame.