TruePay, a São Paulo, Brazil-based payment solution company focused on enabling small and medium sized retailers to have free and secure access to credit, raised $32M in Series A funding.
The round was led by Addition.
The company intends to use the funds to improve the solution, increase capacity and expand the team.
Co-Founded in December 2020 by Pedro Oliveira and Luis Eduardo Cascão, TruePay retailers with B2B Buy Now Pay Later platform and credit card receivables as collateral, which enable them to guarantee the payment to suppliers and access improved payment conditions and more working capital, while suppliers are no longer exposed to default risk.
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.