BVx, the innovation arm of banking firm Banco BV, has invested R$80m ($18.6m) in Brazil-based receivables financing platform Weel, Contxto has reported.
Formed in 2014 as WorkCapital, Weel runs an artificial intelligence-equipped online platform where small and medium-sized enterprises with at least $2.2m in annual turnover can take out loans in lieu of their projected receivables, helping them plan cash flow more efficiently.
The funding will aid Weel’s entry into five remaining Brazilian states and help explore moves into other Latin American markets such as Mexico and Chile.
The round followed about $45m in earlier funding, including $8.5m from Monashees, FJ Labs, Mindset Ventures and undisclosed angel investors in 2017 and $6m from Banco BV – then called Banco Votorantim – Monashees and Mindset Ventures in January 2019.
Weel added $30m from asset management firm Franklin Templeton three months later. BVx has agreed to provide Weel with a loan facliity sized at up to $186m in connection with its latest investment.