backbox 32m series elsewhere partnerswiggersventurebeat

#Backbox 32m series elsewhere partnerswiggersventurebeat series

Based in Cambridge, the startup has created a technology stack to power autonomous vehicles. To date, the company has raised a total of 77M (£60.1M).

#Backbox 32m series elsewhere partnerswiggersventurebeat series

'We look forward to supporting the company as it continues to develop its innovative, convenient and low-cost payment technology. Five has raised 41M (£32M) in Series B funding from Trustbridge Partners, Direct Line and Sistema VC as well as from existing backers Lakestar, Amadeus Capital Partners, Kindred Capital and Notion Capital. 'The strength of TruePay's solution lies in the convergence of a real and untapped need amongst retailers to unlock credit and free up working capital, a large addressable market and a talented team,' said Lee Fixel, Founder of Addition.

Retailers have access to better payment conditions, doing larger purchases at longer terms and freeing up working capital. The company is building a B2B Buy Now Pay Later network where industries can grant credit without being exposed to risk and buyers may access credit seamlessly at no cost.

The round comes at a key moment for TruePay to empower its operation, which provides cost-free access to credit card receivables that can be used by retailers to purchase from suppliers. 'The largest portion of this round will be used to further attract and develop talent in Brazil and elsewhere', says Luis Eduardo Cascão, COO and co-founder of TruePay. A raise like this is a symbol of the impact TruePay will make in the market by delivering free credit to millions of merchants in Brazil', says Pedro Oliveira, CEO and co-founder of TruePay. 'We are very happy to have the trust of some of the best investors in the world as well as the super talented people that we were able to bring on board. Founded in December 2020, TruePay has clients throughout Brazil and a merchant base in the thousands. The startup, which has been growing 100% a month, plans to grow tenfold by the end of 2022. The funds will be used to improve the solution, increase capacity and expand the team.

This growth stage investment is one of the largest ever made in Brazil.