Asset management firm Franklin Templeton has provided $30m of funding for Weel, a Brazil-based business lending platform backed by financial services firm Banco Votorantim, Reuters has reported.
Weel allows businesses to borrow money against their accounts receivables, through an online platform that uses artificial intelligence technology to structure the loans. It will put the funding into expansion in Brazil as it prepares to enter the Chilean and Mexican markets.
Banco Votorantim had joined venture capital firms Monashees and Mindset Ventures to invest $6m in the company in January this year. The latter two had already participated in an $8.5m round for Weel in 2017 alongside investment firm FJ Labs.
