The latest round of funding comes after Vixtra received $10m in its seed round
Vixtra, a Brazilian trade finance fintech, has raised $3m in a pre-series A round.
The funding will allow the fintech to accelerate the transaction volume in its payments and credit solution for foreign trade.
The latest round of funding comes after it received $10m in its seed round.
Vixtra is building an end-to-end platform for financial products and cross-border services, aimed at SME importers.
The fintech primarily serves as a payments provider in the tyre, chemical, metal and electronics markets.
Leonardo Baltieri, co-founder of Vixtra, commented: “Importers in Latin America have a very high working capital requirement, as they cannot get payment terms with their international suppliers. They also need a variety of services to make an international purchase.”
“We have transformed the reality of many businesses by offering a complete platform of international trade services and specialised credit for international trade, in a less bureaucratic way.”
The fintech expects to increase the volume of transactions processed on its platform by 20 times by the first half of 2023 and expand into new markets.
Explaining its investment in Vixtra, Valor Capital explained that the Brazilian foreign trade market is a “massive and under-penetrated market, full of inefficiencies”.
Annually, the total volume of imports in Brazil is over $220b, yet represents 15% of the country’s GDP, below Latin American average of 22%, Valor Capital noted.
The venture capital fund also noted the “lack of tech-driven solutions” to help SMEs, such as finance solutions, limited logistics and lack of information on suppliers.