super sima Sao Paulo, Brazil-based credit fintech focused on financial inclusion for working-class Brazilians, closed a Series A funding round of over $5 million.
The round was led by IDC Ventures, with participation from several new and existing investors.
The capital will be used to invest in the loan portfolio, grow the team, and fund the rollout of new non-pilot products and services.
Co-founded by Antonio Brito (CEO), Daniel Shteyn (Chairman and President) and Rômulo Coutinho (CTO), SuperSim is an online lender focused on technology-based financial inclusion for the working class in Brazil. It is licensed as a correspondent bank and offers both B2C and B2B2C credit products, including microloan-sized secured over-the-phone loans and ‘loans as a service’ for business partners.
Loan amounts currently range between BRL 250 and BRL 2,500 (approximately USD 50-500), with interest rates competitive with a traditional credit card, which SuperSim customers generally cannot qualify for . Rates decrease over time as the customer proves their ability to repay, reducing risk.
The company recently raised over US$25 million through a securitized debt offering through a special purpose vehicle in the Brazilian market. This debt financing was structured by Milênio Capital, with the participation of several large Brazilian fixed income investors and asset managers.