Good Finance, the first free and automatic personal finance management application in Brazil, captured its third round of investments worth R $ 22 million. The information was published this Thursday (August 20) in the newspaper Valor Econômico.
Specializing in technological innovation in the financial industry
New investors include two Silicon Valley funds, Ribbit Capital, specializing in technological innovation in the financial industry, and Omidyar Network, created by eBay’s founder and focused on enterprises with social impact. Other investors include QED Investors, co-founder of Capital One; Ed Baker, Director of Growth at Uber; Mark Goines, Mint.com’s first investor, the American version of Good Finance; and Peter Kellner, co-founder of Endeavor.
In addition, Good Finance received new contributions from Brazilian e.Bricks, American Valor Capital, and the leader of the last round Kaszek Ventures, the largest in its segment in Latin America and managed by the founders of MercadoLivre.
New technologies are accelerating the pace of transformation
New technologies are accelerating the pace of transformation of the financial industry around the world, with new companies in the financial technology segment, fintechs, moving billions of dollars in recent years in business. “It is a more recent phenomenon in Brazil, but Good Finance already stands out among the thousands of companies we evaluate every year for the level of innovation, brand building and mission to improve the lives of Brazilians,” says Micky Malka, founding partner of Ribbit , which also invested in the American references Credit Karma and WealthFront.
Possible to build a profitable business model
It was Good Finance’ potential transformation in the lives of users that led Omidyar to support the company. “Good Finance clearly demonstrates that it is possible to build a profitable business model while at the same time using technology to generate social impact,” says Arjuna Costa, a partner-investor in the Omidyar Network’s financial inclusion area. “We are very excited about the results achieved by the company to date and with its potential to transform the lives of millions more Brazilians, helping them to better manage their money and invest in the future.”
The goal of the new investment round is to further boost Good Finance’ growth, to reach 5 million users by the end of 2016 and expand its operations in the financial sector.