Brazilian Fintech SuperSim raises US$5 million to give cell phone credit as collateral

January 3, 2022
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Focused on microcredit for classes C and D, SuperSim has just raised US$ 5 million in a series A round led by IDC Ventures. The transaction takes place a few months after the startup raised another R$136 million through a FIDC structured by Milênio Capital and which attracted investors such as Itaú, Verde Asset, Franklin Templeton and XP.

With the contribution, fintech wants to accelerate the growth of the credit portfolio and develop new technologies. The goal is to reach 10% market share in non-prime credit — which represents 1% of the entire national credit market. To make this possible, part of the investment will continue with the hiring: since March of last year, the team has increased from 18 to 180 employees.

“Our thesis is on the financial inclusion of the low-income public, who earn up to two salaries. The idea is to open a door for under-banked consumers, who are outside the financial system and do not have access to quality products”, says Daniel Shteyn, chairman of SuperSim. “Once it demonstrates its ability to pay, it gains even more financing possibilities with our partners”, complements Antônio Brito, CEO and co-founder of fintech.

In addition to the direct operation, fintech also has a B2B operation, for intermediating the client portfolio to other credit providers, and another corporate modality in which it enters as a partner with institutions that are not experienced in analyzing this borrower profile.

In operation since 2019, fintech offers loans between R$250 and R$2.5 thousand, with interest rates close to the high revolving rates of the main credit cards, between 12% and 18% per month. As the customer proves their ability to pay, fees reduce proportionately over the installments. Since entering the market, the startup has already grown 10 times its origination volume and, for next year, it intends to multiply it by another five.

To protect itself from default, SuperSim uses the “cell phone blocker” method, in which the borrower gives the cell phone as a guarantee and fintech manages to block some of the main functionalities of the debtor's telephone handset at a distance, through a platform. The idea came from the experience of executives in the credit market - Brito and Shteyn met when they worked at Enova International, in Chicago. “Our name is no accident, we were born to say 'yes' to those who aren't used to hearing it,” says Shteyn.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Focused on microcredit for classes C and D, SuperSim has just raised US$ 5 million in a series A round led by IDC Ventures. The transaction takes place a few months after the startup raised another R$136 million through a FIDC structured by Milênio Capital and which attracted investors such as Itaú, Verde Asset, Franklin Templeton and XP.

With the contribution, fintech wants to accelerate the growth of the credit portfolio and develop new technologies. The goal is to reach 10% market share in non-prime credit — which represents 1% of the entire national credit market. To make this possible, part of the investment will continue with the hiring: since March of last year, the team has increased from 18 to 180 employees.

“Our thesis is on the financial inclusion of the low-income public, who earn up to two salaries. The idea is to open a door for under-banked consumers, who are outside the financial system and do not have access to quality products”, says Daniel Shteyn, chairman of SuperSim. “Once it demonstrates its ability to pay, it gains even more financing possibilities with our partners”, complements Antônio Brito, CEO and co-founder of fintech.

In addition to the direct operation, fintech also has a B2B operation, for intermediating the client portfolio to other credit providers, and another corporate modality in which it enters as a partner with institutions that are not experienced in analyzing this borrower profile.

In operation since 2019, fintech offers loans between R$250 and R$2.5 thousand, with interest rates close to the high revolving rates of the main credit cards, between 12% and 18% per month. As the customer proves their ability to pay, fees reduce proportionately over the installments. Since entering the market, the startup has already grown 10 times its origination volume and, for next year, it intends to multiply it by another five.

To protect itself from default, SuperSim uses the “cell phone blocker” method, in which the borrower gives the cell phone as a guarantee and fintech manages to block some of the main functionalities of the debtor's telephone handset at a distance, through a platform. The idea came from the experience of executives in the credit market - Brito and Shteyn met when they worked at Enova International, in Chicago. “Our name is no accident, we were born to say 'yes' to those who aren't used to hearing it,” says Shteyn.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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País de origen:
Headquarters:
Sao Paulo
Monto inversión:
5
M
Ronda financiación:
Series A
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