SAO PAULO, January 17, 2022 /PRNewswire-PRWeb/ — SuperSim, a credit fintech focused on financial inclusion for working-class Brazilians, has closed a Series A funding round led by IDC Ventures, with participation from several new and existing investors, raising more of $5 million in equity.
According to the co-founders, the capital will be used to invest in the loan portfolio, grow the team and finance the deployment of new non-pilot products and services. The company also recently raised over $25 million via a securitized debt offering via an ad hoc vehicle on the Brazilian market. This debt financing was structured by Milênio Capital, with the participation of several large Brazilian fixed income investors and asset managers.
“The Series A capital increase is a key part of our strategic plan to become a leading retail lending player in Brazil, which is now one of the most attractive retail credit markets in the world,” says one of the company’s co-founders and president, Daniel Shteyn. “However, SuperSim is not just a lender. Our mission is to bring financial inclusion that works in practice to millions of underbanked Brazilians. We do this by building a business at scale, with sustainable profitability and a tangible social benefit to primary consumers and help them establish a positive track record of on-time repayment.We then use this track record to help our customers access prime credit, typically after 24-36 months of history payment via microcredit.
SuperSim has already reached a certain scale, with a record day in November 2021, when he funded over 5,000 loans in a single day. According to Shteyn, the company aims to take a 10% share of the Brazilian non-preferred personal loan market, which represents about 1% of the country’s entire personal loan market, or a customer base of several million people. . Funding volume in 2021 increased by 1,000% compared to 2020.
Antonio Brito, CEO and co-founder, adds that SuperSim’s rapid growth and profitability are directly linked to its competitive advantages and differentiation, as well as a clear understanding of its customers’ needs. “Every startup is on a mission to delight the customer, whether they know it or not. For our customer, that means getting their credit application approved, whether they’re underbanked, low-income, or in credit difficulty. Normally , this type of client profile means higher defaults for the lender.However, SuperSim has been designed to control risk while approving more applications than anyone else in the market.We do this because of our experience in the field. and our differentiated technology, which uses applicants’ phones as collateral for the loan, which is why we are already profitable, just a few years after launch.
Loan amounts currently vary between BRL250 and BRL2,500 (i.e. approximately 50 – $500), with competitive interest rates compared to a traditional credit card – which SuperSim customers usually cannot qualify for. Rates decrease over time as the customer proves their ability to repay, reducing risk. SuperSim estimates that there are over 100 million underbanked Brazilians, with access to a bank account but without adequate access to credit. “We are proud of our team of over 180 people, who work hard every day to bring financial inclusion to millions of underbanked people,” concludes Mr. Shteyn.
Rodrigue Rodas, Managing Partner of IDC Ventures, said, “We are delighted with our investment in SuperSim. The founding team is building something unique by combining innovative technologies with deep experience in the Brazilian credit market. This funding round is the first step towards realizing SuperSim’s mission. to provide access to credit to millions of Brazilians. So far the team has exceeded our expectations and we expect more great things in the future.
Gustavo Ahrends, Managing Partner of Milênio Capital, said: “We are delighted with our partnership with SuperSim, where the co-founders are building one of the most innovative credit fintechs in the world. Brazil. The local personal loan market is changing rapidly and we are committed to supporting the bright minds that are reshaping the way people access credit. Microcredit is a valuable tool for struggling or low-income consumers who would otherwise be denied access to credit. SuperSim enables customers to access small loans securely and with the aim of improving their loan terms over time, creating financial inclusion that works in practice.”
About SuperSim (http://www.supersim.com.br): SuperSim is an online lender focused on technology-based financial inclusion for the working class in Brazil. It is licensed as a correspondent bank and offers both B2C and B2B2C credit products, including microloan-sized loans secured over the phone and “loans as a service” for business partners.
About IDC Ventures (http://www.idcventures.com): Based in Madrid with offices at Copenhagen and Miami, IDCV seeks to identify, invest in, support and propel disruptive companies at the forefront of fintech-driven digital innovation, marketplaces and the platforms that support them.
About Milênio Capital (http://www.milenio.capital): Focused on the wholesale credit market, Milênio Capital supports companies with structured personalized solutions throughout the credit cycle. Differentiating itself through extensive credit expertise and proprietary technology, Milênio is committed to providing effective, innovative and scalable solutions to its partners to democratize access to credit and foster business in Brazil.
Press and investor contacts
Daniel Shteyn, President – [email protected]
Daniel Shteyn, Brafintech Holdings, LLC, +1 3127250509, [email protected]
Stefania Akel, [email protected]