Brazilian fintech company Blipay, which aims to improve financial service experiences, has raised $6.7 million in a Series A debt financing round from SRM Ventures, a corporate Venture Capital focused on fintech.
Blipay’s primary business revolves around offering salary anticipation services to employees, enabling them to access their wages before the official payday with zero interest. Users can access BRL 1,000 ($194) a month and choose when to repay it over the next 30 days.
The fintech company currently operates in Brazil but plans to expand its product offerings and customer base to other categories. The company aims to serve 300,000 customers with its salary anticipation product.
Blipay says the funds will be used to expand the credit line for its salary anticipation product and grow the market in Brazil. Similarly, in January, Brazil-based FinTech company Transfeera, which provides companies with financial tools, raised $1.3 million in funding.