SÃO PAULO–(BUSINESS WIRE)–Divibank, the financing platform the place LatAm companies have entry to progress capital through revenue-share financing, introduced on Might 12, 2021, it closed a $3.6M spherical of Seed funding led by Higher Tomorrow Ventures (BTV) alongside different traders together with MAYA Capital, Village International, Clocktower Ventures, Magma Companions, Gilgamesh Ventures, Rally Cap Ventures, Alumni Ventures Group, Sebastian Mejia (Founder/President of Rappi), Tayo Oviosu (Founder/CEO of Paga, who participated through Kairos Angels), Karim Atiyeh (Founder/CTO of Ramp), Josh Abramowitz and Daniel Simon (founders of Bread).
Divibank will use the funds to speed up its product roadmap and ramp up hiring. They’re additionally creating worth additive software program for his or her shoppers. The software program will assist its shoppers higher handle their digital advertisements campaigns and optimize their funding returns. The corporate can be engaged on just a few further monetary merchandise for its shoppers, focusing on the $205B+ ecommerce and SaaS markets in Latin America with choices reminiscent of stock financing and recurring income securitizations.
“We’re constructing the go-to-platform for entrepreneurs trying to scale their companies. Divibank is altering the way in which entrepreneurs scale their on-line ventures by offering fast, reasonably priced, and non-dilutive capital to startups and SMEs in Latin America. And as a part of our smart-money proposition, we’re additionally providing advertising and marketing analytics software program for our shoppers to get extra worth out of the capital they obtain,” mentioned Jaime Taboada, co-founder and CEO of Divibank. “Conventional banks and monetary establishments have no idea learn how to consider web companies, so they typically don’t provide loans to those corporations. In the event that they do, it’s usually an extended and tedious course of at a really excessive price. With our revenue-share providing, the entrepreneur doesn’t must pledge their dwelling, drown in bank card money owed and even quit their fairness to spend money on advertising and marketing and progress,” he added.
“Higher Tomorrow Ventures realized that not solely was Divibank a really modern firm, it was on the proper place on the proper time able to benefit from the rise of ecommerce and digital advertisements. The pandemic has solely accelerated issues. A lot of corporations are beginning on-line, many are migrating from offline to on-line, and startups have acknowledged that enterprise capital shouldn’t be the one different they must develop their companies. Divibank serves the wants of all of those shoppers,” mentioned Jake Gibson, Founding Associate, Higher Tomorrow Ventures.
“We’ve got been constructing and investing in fintech corporations for the previous 12 years, and we’re excited to leverage our fintech experience with Divibank’s best-in-class workforce, native experience and imaginative and prescient,” Jake concluded.
Lara Lemann, Co-Founder & Managing Associate at MAYA Capital who led the fund’s funding this Seed spherical, says “Jaime and Rebecca proceed to execute at an extremely quick tempo. We’ve got been near Divibank because the starting as a result of Jaime was an EiR [Entrepreneur-in-Residence] at MAYA, and we noticed them navigate the beginning of the operations in March 2020, proper initially of the pandemic. They’re a formidable duo, constructing a world-class workforce and group in a quickly increasing market.”
Adriana Saman at Clocktower Ventures mentioned, “Divibank was our first seed funding in Latin America made with our first LatAm targeted fund. We have been impressed with what they achieved in simply 12 months. They’ve managed to develop a lending enterprise with a lean construction whereas testing a number of progress methods alongside the way in which.”
Divibank plans to make use of the funds to take a position extra aggressively in hiring top talent internationally. Particularly, it can make investments extra aggressively in engineering/tech, gross sales, advertising and marketing, credit score danger, and operations. At the moment the workforce consists of seven workers in Brazil, and that quantity will possible develop to 25+ within the coming 12 months.
Divibank milestones embody (final 6 months):
- Acquired greater than 50 shoppers
- Complete mortgage issuance quantity grew 7x
- Grew revenues by 5x
- Grew its worker base by 4x, including business veterans from main fintechs and monetary establishments in Brazil
“Our purpose is to assist entrepreneurs in Latin America by giving them the required sources they should develop their companies. We’ve got bold plans, and we’re wanting ahead to increasing our product choices and providers,” mentioned Rebecca Fischer co-founder & CPO at Divibank. “This funding reveals that we’re heading in the right direction and it’s a vote of confidence in our mission to assist SMEs and startups within the area,” she concluded.
“We’re excited to have such nice companions be a part of us on this journey. Our new companions include plenty of expertise and have already added plenty of worth. We’ll use the proceeds of this spherical to scale our go-to-market technique, proceed to enhance our credit score mannequin, and make our clients’ lives simpler with investments in expertise,” ended Taboada.
About Higher Tomorrow Ventures
Higher Tomorrow Ventures (BTV) is a fintech-focused early-stage enterprise agency. The enterprise agency was based in 2019 and primarily based in San Francisco, California. It’s targeted on investing in early-stage fintech corporations globally. The fund was began by ex-fintech entrepreneurs and skilled traders Sheel Mohnot and Jake Gibson. Jake is the co-Founding father of NerdWallet, and Sheel was a GP of 500 Startups’ fintech fund, and founding father of 2 profitable fintech exits – a funds firm and a high-stakes public sale firm.
Divibank is a data-driven financing platform the place companies have entry to capital to finance their progress through revenue-share/non-dilutive financing. It’s altering the way in which entrepreneurs scale their on-line companies with out dilution by offering fast and reasonably priced capital to startups and SMEs in Latin America. As a part of its smart-money proposition, the corporate additionally affords advertising and marketing analytics software program for shoppers to get extra worth out of the capital they obtain. Divibank is backed by Higher Tomorrow Ventures, MAYA Capital, Village International, Clocktower Ventures, Magma Companions, Rally Cap Ventures, Gilgamesh Ventures, Alumni Ventures Group and Kairos Angels amongst others. Study extra about Divi at https://divibank.co/en/.
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