Por favor verifica tu e-mail para tener acceso completo al Hub haciendo click al link enviado a youremail@gmail.com
Reenviar correo de verificación
💣 Viene el entrenamiento intensivo en pagos instántaneos más completo de Latam. Reserva tu cupo en nuestro Fellowship

Brazilian Fintech Trace Finance announces launch of global account

September 28, 2023
Por
Forbes
Forbes
The world’s leading voice for entrepreneurial success and free enterprise.
📷
Forbes
The company, which gained momentum by helping startups redeem their cash when Silicon Valley Bank (SVB) went bust earlier this year, now wants to be able to keep them in-house.
Contenido para Usuarios 🔒

Trace Finance, the Brazilian fintech that facilitates the exchange of investment rounds made by startups outside the country, is taking a new step towards the security of its clients. The company, which gained momentum by helping startups redeem their money when Silicon Valley Bank (SVB) went bust earlier this year, now wants to be able to keep them at home.

"With the collapse of SVB, our users demanded more security. As a rule, they didn't want to leave their assets in a bank that was smaller than the one that failed, so we saw a lot of money coming in, but soon the users followed the 'flight to safety' - they looked for more solid banks that were among the top 10 banks in the world," says Bernardo Brites, CEO and co-founder of Trace Finance.

It was at this point that the company turned to BNY Mellon Pershing, a BNY Mellon bank with more than US$44 trillion in custody, to create a global account.

"Today we are pleased to share that our clients' assets will be held in custody with the best alternative on the market, BNY Mellon Pershing, at the largest custodian in the world," says Brites.

Initially, the startup intends to bank American companies and offshore holdings from countries such as the Cayman Islands, the British Virgin Islands, the Bahamas and the United Kingdom, a process that will also help the startup investment ecosystem as a whole, in the CEO's view.

With the new global account, Trace customers will receive returns of up to 5.5 per cent a year, in dollars, through investments in US Treasury bonds. In addition, users can secure up to $5 million in FDIC (Federal Deposit Insurance Corporation) coverage through Cash Sweeps (a mechanism that distributes large balances in several banks to access millions of dollars in FDIC coverage).

With this initiative, the fintech company, which has already transacted more than R$2.5 billion, hopes to double its client base, which currently totals 500 companies, and bring in up to 60% of the value of future investment rounds.

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.

Trace Finance, the Brazilian fintech that facilitates the exchange of investment rounds made by startups outside the country, is taking a new step towards the security of its clients. The company, which gained momentum by helping startups redeem their money when Silicon Valley Bank (SVB) went bust earlier this year, now wants to be able to keep them at home.

"With the collapse of SVB, our users demanded more security. As a rule, they didn't want to leave their assets in a bank that was smaller than the one that failed, so we saw a lot of money coming in, but soon the users followed the 'flight to safety' - they looked for more solid banks that were among the top 10 banks in the world," says Bernardo Brites, CEO and co-founder of Trace Finance.

It was at this point that the company turned to BNY Mellon Pershing, a BNY Mellon bank with more than US$44 trillion in custody, to create a global account.

"Today we are pleased to share that our clients' assets will be held in custody with the best alternative on the market, BNY Mellon Pershing, at the largest custodian in the world," says Brites.

Initially, the startup intends to bank American companies and offshore holdings from countries such as the Cayman Islands, the British Virgin Islands, the Bahamas and the United Kingdom, a process that will also help the startup investment ecosystem as a whole, in the CEO's view.

With the new global account, Trace customers will receive returns of up to 5.5 per cent a year, in dollars, through investments in US Treasury bonds. In addition, users can secure up to $5 million in FDIC (Federal Deposit Insurance Corporation) coverage through Cash Sweeps (a mechanism that distributes large balances in several banks to access millions of dollars in FDIC coverage).

With this initiative, the fintech company, which has already transacted more than R$2.5 billion, hopes to double its client base, which currently totals 500 companies, and bring in up to 60% of the value of future investment rounds.

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.

Este contenido es solo para
usuarios Prime 👑 del Hub.

Hacer upgrade ▸
Apoyado por:
Contacta al equipo
Hub Ranking:
#
País de origen:
Headquarters:
São Paulo
Monto inversión:
M
Ronda financiación:
Más novedades

Fintechs en
tendencia del Hub

No items found.

Brasil 🇧🇷

Ecosistema Fintech

Más Makers Imparables ⚡

Makers
Paytech 💳
Billetera virtual ligada a una APP y Tarjeta, que permite tener una mejor relación y control de tu dinero en línea.

Más Insights

Por
Transfi
Transfi
Powering the world’s payments
Paytech 💳

Nuestra comunidad

WHATSAPP
✨ Nuevo!
Tenemos un canal de Whatsapp donde contamos todos los movimientos en la industria.
Usuario pRIME 👑
Acceso ilimitado. Desbloquee la cobertura exclusiva, entrevistas con CEOs, eventos especiales y más.
Activar suscripción
RESUMEN SEMANAL
Todas las semanas envíamos a tu email un resumen con todos los avances en el ecosistema Fintech.
Abrir el Blueprint
Grupo de SLACK
Tenemos un grupo de Slack con todos los miembros registrados del Hub para que sigamos conversando.
uNIRSE AL GRUPO