TruePay, a startup whose innovative payment solution helps small and medium sized retailers have free and secure access to credit, has raised US$32 million in Series A funding led by Addition.
This growth stage investment is one of the largest ever made in Brazil. The funds will be used to improve the solution, increase capacity and expand the team. The startup, which has been growing 100% a month, plans to grow tenfold by the end of 2022. Founded in December 2020, TruePay has clients throughout Brazil and a merchant base in the thousands.
"We are very happy to have the trust of some of the best investors in the world as well as the super talented people that we were able to bring on board. A raise like this is a symbol of the impact TruePay will make in the market by delivering free credit to millions of merchants in Brazil", says Pedro Oliveira, CEO and co-founder of TruePay.
"The largest portion of this round will be used to further attract and develop talent in Brazil and elsewhere", says Luis Eduardo Cascão, COO and co-founder of TruePay.
The round comes at a key moment for TruePay to empower its operation, which provides cost-free access to credit card receivables that can be used by retailers to purchase from suppliers.
The company is building a B2B Buy Now Pay Later network where industries can grant credit without being exposed to risk and buyers may access credit seamlessly at no cost. Retailers have access to better payment conditions, doing larger purchases at longer terms and freeing up working capital.
"The strength of TruePay's solution lies in the convergence of a real and untapped need amongst retailers to unlock credit and free up working capital, a large addressable market and a talented team," said Lee Fixel, Founder of Addition. "We look forward to supporting the company as it continues to develop its innovative, convenient and low-cost payment technology."