FinTech: Brazilian Payments Network CloudWalk Reels In $190M Series B Funding
CloudWalk has four products – Payment Link, Confere, Digital Wallet, and InfinitePay (pictured above)
CloudWalk, the Brazilian payments processor, announced Tuesday its Series B funding of $190 million. The round brought up the firm’s aggregate capital raised to $206 million. Coatue led the round, with participation from DST Global and existing investors such as FIS, The Hive Brazil, and Valor Capital. (BusinessWire)
According to CloudWalk, the above round marks the largest ever Series B financing round for a Brazilian company.
Technology-based payments network
Founded in 2013, CloudWalk is headquartered in São Paulo, Brazil. Its payments technology relies on AI, the blockchain, and cloud technology. The startup is focused on small-and-medium enterprise merchants and their customers.
Its InfinitePay is a card machine that offers rates that are up to 80% cheaper compared to rivals. It supports all the major card services in Brazil. Apart from accepting debit and credit cards, merchants also get a revenue management platform to track their sales and withdrawals.
CloudWalk has processed more than US$1 billion in transactions annually, serves 70,000 customers, and reaches more than 4.6 million consumers.
The fintech will use the recent financing to scale its business activities further and expand its operations across Brazil.
“CloudWalk has built the first digitally-native payments product for merchants in Brazil. We are incredibly fortunate to be partnering with Luis, Bruno, and the entire CloudWalk team as they aim to provide merchants and consumers with a full suite of financial products across Latin America,” said Michael Gilroy, General Partner at Coatue. “Having studied the payments market in Brazil closely, we believe this is one of the most exciting opportunities in fintech globally, and CloudWalk is best positioned to capitalize on it.”
A Cloudwalk work in process is a new product – “a self-driving bank level 5.” This would be a digital entity that would function exactly like any other bank but it would be operated by AI agents in a decentralized protocol. No humans would be involved in its functioning.
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