Financial services firm Banco BV has invested R$100m ($18.4m) in Brazil-based business credit provider Trademaster as a part of a wider partnership agreement, Startupi reported yesterday.
Banco BV will also provide a $92.2m initial funding structure that will be used to support the growth of the company’s operations in 2021.
Trademaster operates a cloud-based software platform that enables retail companies to pay for their stock purchases in instalments. It provides its services for more than 450,000 small and medium-sized businesses in Brazil.
The company also sells a payment device called Tradepay that enables retailers to increase their purchase limit with suppliers every time a customer makes a payment for goods or services through the device.
Since officially launching in 2015, Trademaster has processed over $1.1bn of transactions and expects to achieve a 120% increase in growth in 2021. Financial services firm Banco Sofisa is an existing investor in the company as well as a strategic partner.