Swap Raised US$25 Million To Boost Financial Services For LatAm Fintechs

Photo by Swap

Brazil is the country with the most startups within the fintech industry – more than 770, according to Statista – so it’s practically natural that Swap was born there. This Bank as a Service (BaaS) company seeks to boost fintech financial services. They have already grown 300% since 2018, and raised a US$25 million Series A investment led by Tiger Global Management.

Also participating in the investment round were Endeavour, ONEVC, GFC, Flourish Ventures, Global Capital, Justin Mateen (co-founder of Tinder), and Rahul Mehta (partner at DST Global).

Dougas Storf, CEO of the company, said in a statement that Swap showed 30% growth in monthly financial volume from May to October 2021. Its revenue doubled in each quarter, which caught the attention of investors. “We found our way to a product that the market wants,” he detailed.

Swap Is On The Road to Expansion

Swap was born in 2018. It was founded by Storf, who worked as Corporate Strategy leader at 99 and was in charge of New Business and Financial Services at DiDi; Ury Rappaport, who was in charge of Business Development at 99 and the Payments area at DiDi; and Alexandre Takinami, who has been in charge of Product Development areas at Rocket Internet GmbH and GuiaBolso.

Since then, his main goal has been to enable companies to transform their financial operations through their Application Programming Interface (APIs).

In other words, Swap wants to help other companies create their own financial services based on cloud infrastructure and connected through APIs. These include payments, credit, wallets and digital accounts.

It also has investments in global financial services companies such as Marqeta, Stripe and Checkout.

Now, with the new capital they expect to boost their growth. So with it they will hire more people, increase their products to expand the service to the segments already incorporated, and launch new verticals.

This will lead the company to double the number of its employees by 2022 (it had 60 at the end of 2021). Their hiring will be based on personnel for product development, operations, and sales.

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