GuiaBolso raises $7 million to extend its leadership in Brazil’s personal finance market
Ribbit Capital, a venture capital firm focused in backing financial technology (FinTech) startups in the U.S. and emerging markets (including investments in industry benchmarks such as Credit Karma and WealthFront) led the round.
Other new investors included the philanthropic firm Omidyar Network, founded and solely funded by eBay founder Pierre Omidyar; QED Investors, led by Capital One co-founders; Ed Baker, head of growth for Uber; Mark Goines, an early investor in Mint.com; and Peter Kellner, co-founder of Endeavor.
Joining the round were existing investors Kaszek Ventures, Latin America’s largest venture capital firm, which led GuiaBolso’s previous funding round, as well as Brazil-based e.Bricks and New York-based Valor Capital.
The recession in Brazil is prompting more people to seek solutions to control spending and improve financial planning. Although in Brazil the trend of financial innovation is still more nascent, the size of the market and consumer demand indicate that it is ripe to follow the path of international FinTech startups that have raised billions of dollars and are transforming the global financial landscape.