Klavi, a Brazilian Fintech startup, has raised $15 million in a Series A funding round.
Brazilian Fintech Klavi Raises $15 Million to Provide Open Finance Solutions
The funding was led by venture capital funds Iporanga Ventures and Parallax Ventures and included GSR Ventures.
Klavi said the banking infrastructure provider CIP S.A. and Vivo Ventures, Vivo’s Corporate Venture Capital (CVC) launched in April, also entered the round. Klavi added that the round would officially close in 90 days as other investors may jump in.
Klavi is a SaaS platform that provides Open Finance (or Open Banking) solutions. The company has a mission of becoming a leader in Open Finance solutions in Brazil.
Klavi sait it will use the capital infusion to strengthen its tech stack as well as facilitating the creation of new products.
Klavi CEO Bruno Chan said it was a special moment for them to raise the round as they build the future of financial services via Open Finance:
The contribution will give us a boost for developing more solutions, facilitating the sharing of financial data. Our partners will be able to have a 360º view of their customers’ information, with everything centralized in one place, always with user consent, and can be shared with any company.
Leonardo Teixeira, a partner at Iporanga Ventures, said that when they met with Klavi last year they were impressed with the company’s ability to work with data at scale:
Now, after a year, our impressions are confirmed: the company has been accelerating a lot, the product roadmap has matured and, contrary to other companies, it is hiring. We didn’t think twice regarding co-leading this round,” Teixeira said.
Klavi was founded in 2020 by Chan and Stone Zheng and descrobes itself as a pioneer in generating insights from Open Finance data in Brazil.
Klavi has been rapidly gaining space in this market thanks to the technical quality of its solution that sets it apart from the competition. The history of the founders and their ability, as well as that of their teams, have attracted very relevant customers and players. This round once again confirms that.
Klavi expects to grow its base to more than 100 active clients by the end this year and predicts it will hit over 500 by the end of 2023.
Raphael Mielle, leader of innovation at CIP S.A., said their purpose is to build financial soluions tha boost the digital economy in Brazil. Open Finance makes this possible, therefore the investment in Klavi makes a lot of sense.
CIP S.A.’s purpose is to build financial solutions and products for boosting the digital economy in our country. Open Finance makes this momentum possible, as we see a great opportunity for operational optimization in financial services. Therefore, the investment in Klavi, the first in CIP S.A.’s Corporate Venture Capital modality, is emblematic, as it represents our first step in this journey.
In 2021, the Fintech notes that it received a R$ 6.5 million seed investment led by Iporanga Ventures together with Parallax Ventures.