Credit fintech company based in Sao Paulo (Brazil) aims to bring financial inclusion to working-class Brazilians. It closed a Series A financing of over USD5m.
IDC Ventures led the round, and there were participations from many existing and new investors.
This capital will be used for investments in the loan book, team growth and financing the rollout and expansion of new services and products out of the pilot.
SuperSim was co-founded by Antonio Brito, Daniel Shteyn (President and Chairman), and Romulo Coutinho. It is an online lender that focuses on tech-enabled financial inclusion for the Brazilian working class. It is licensed as a bank correspondent.
The current loan amounts range between BRL 250 to BRL 2,500 (or roughly 50 – 500 USD), and interest rates are competitive with mainstream credit cards – which SuperSim customers rarely can qualify for. Rates will decrease as the customer proves her ability to repay. This reduces risk.
Recently, the company raised more than US$25,000,000 through a securitized loan offering via a special-purpose vehicle in Brazil. Milenio Capital was responsible for structuring the debt financing, along with several large blue-chip asset managers and fixed-income investors from Brazil.