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Contxto – Full of potential to promote financial inclusion, the Brazilian personal loan platform REBEL recently racked up R$42 million. Worth over US$10 million, Monashees and the FinTech Collective of New York led this valuable round for the startup.
As reported by Reuters, this fintech founded in 2017 intends to apply new capital to bolster liquidity. At a similar rate, it plans to promote greater technological investments, such as developing new products and distribution channels. Understandably, its goal is to grow its number of clients.
Digital assessment of financial behavior
Over the years, REBEL has begun to offer loans ranging from R$1,000 to R$25,000 with terms as large as 24 months. It also allegedly offers some of the most competitive interest rates on the market, all while leverage modern technology to effectively and precisely appraise people’s financial behavior.
In a holy trinity of tech buzzwords, REBEL combines AI, Big Data, and machine learning. In turn, these tools enable the fintech to rapidly yet accurately analyze risks. The application process is so streamlined that it can generate credit quotes within minutes.
These combined technologies are what has given REBEL an edge over certain competitors. “They are the fuel for us to continue accelerating,” said CFO of REBEL, André Botelho Bastos.
“We have very advanced loan-analysis models that use Machine Learning and Artificial Intelligence. This allows us to assess and price every loan request precisely in just a few minutes, which guarantees us a default rate that is substantially lower than that of the market.”
Even before this development, REBEL had already raised quite a bit of money, including a round of R$167 million in August, in addition to US$16.6 million before that. Past investors include XP Asset Management, Point Break Capital, Monashees, and JMalucelli.
This past summer, it was reportedly the only Brazilian fintech using blockchain technology to validate contracts. Around that time, it also received R$4 billion worth of loan applications.