fbpx

Brazilian Fintech Startup, WEEL, Raised US$6 Million from Monashees, Mindset Ventures and Banco Votorantim

Contxto – Brazillian cash flow management platform, WEEL, has raised US$6 million in an investment round with Monashees, Mindset Ventures and Banco Votorantim.

About WEEL’s Fintech Model

Founded in 2014 as WorkCapital, WEEL has created an innovative model based on artificial intelligence risk analysis. Essentially, it consolidates vast amounts of information – aka, Big Data – to better predict investment outcomes and to profile creditors.

Through the online platform, WEEL allows potential creditors to assess the lending process, verify fees and interest rates, as well as receive approval without any banking bureaucracy.

If you’re wondering what makes WEEL’s technology so special, it boils down to effective Big Data analysis.

For example, its algorithm evaluates assets so efficiently that in 2017, they managed to maintain a default rate below 1 percent. Further improving their technology, in mid-2018, they reported a delinquency rate of only 0.4 percent.

While figures are improving in Brazil, at the same time, América Economía reported that 42 percent of Brazilian adults defaulted on debt payments in 2018.

The Benefits of Funding WEEL

With this investment, Votorantim Bank will have access to WEEL’s algorithm. This will allow the bank to offer better rates to small and medium-sized entrepreneurs.

Votorantim bank might also replace its duplicate monitoring system with the WEEL platform, therefore improving its performance and scalability.

Simcha Neumark, Founder & CEO of WEEL, declares the investment will definitely boost ​​the development of the company’s data science sector, thus accelerating the startup’s overall growth rate.

César Miramontes
Communications and digital media professional. Content creator at Contxto and proud producer of our podcast "Entre Titanes". I'm also the one with the Wi-Fi password here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read!

Escale lands a US$22.6 million deal co-led by QED and Invus

Contxto - Last week, the budding Brazilian startup, Escale, closed a US$22.6 million Series C round led by QED Investors and Invus...