bxblue Raised $7M for Payroll Loans
Bxblue, a payroll loan solution, received a round of R $ 38 million ($7M). The fintech series A was led by Igah Ventures (formerly e.bricks) with participation of Iporanga, FundersClub and angels who already invested in the company. FJ Labs, from OLX’s founder Fabrice Grinda, also joined. With this round, bxblue totals R $ 43.2 million in the past 4 years.
Since its inception, bxblue has supported R $ 500 million in loans. It currently operates with 4 banks in the marketplace, with interest rates starting at 0.99%. For 2021, the plan is to reach 10 banking partners and they aim for R $ 1 billion in volume of loans generated for the banks. With this, the company intends to multiply its revenue by 5.
According to Gustavo Gorenstein, co-founder of the company, bxblue’s success opened space for new funding. According to him, partner banks have been sharing information on operating costs and defaults with the company, and institutions are beginning to look for integration into its marketplace. On the customer side, satisfaction has reached high levels. “Economics are starting to work, too. In 2020 we had months with positive cash flow, which put us in a good position during the negotiation of the round ”, he said. According to Gorenstein the company grew 50% at certain times of the year due to the demand for loans in the midst of the pandemic.
With the funds raised, bxblue intends to hire around 70 professionals in all areas, reaching 120 people at the end of the year. The expansion of the team will help scale the operation and create new features, such as the portability of credit between institutions.
Announcement: bxblue Raised $7M for Payroll Loans