Brazil-based fintech startup Warren has secured around $54.95 million funding in its Series C funding round to upgrade its technology as well as for acquisition purposes, media reports said.
The funding round for Warren was led by Singapore-based sovereign wealth fund GIC. Over the years, GIC has also invested in Nubank, Sankhya, VR Benefícios and Hotmart. Other investors such as Ribbit, Kaszek and Quartz also participated in the funding round.
Established in 2017, Warren is a brokerage and asset manager that charges clients a flat fee. The startup plans to double its assets under management to this year. Reportedly, Warren will also use the funds to add more talents to its team.
With regard to the fresh funding round for Warren, Lauren Morton, a partner at QED Investors told the media, “Before Warren, Brazilians had to choose between either earning very low interest on savings accounts or paying very high commission fees to brokers who are incentivised to sell them products they don’t need.
“Warren changes everything by redefining how Brazilians build their equity. Their team combines vast industry experience with an unwavering passion for the mission of democratizing investing in Brazil. This approach has had excellent results and Warren is now the country’s largest independent broker.”
Earlier this year, another Brazil-based fintech startup Cora secured around $26.7 million in a Series A funding round led by Silicon Valley VC firm Ribbit Capital, it was reported. Kaszek Ventures, QED Investors and Greenoaks Capital also participated in the funding round. Cora, which is headquartered in Sao Paolo, is a technology-enabled lender to small-and-medium-sized businesses (SMEs).