Brazilian fintech SUPERSIM raises debt financing to fund rapid loan book growth
SuperSim Análise de Dados e Correspondente Bancário Ltda. (“SUPERSIM”), a leading Brazilian fintech startup with a focus on promoting technology-enabled financial inclusion for the working class, recently announced a securitized debt facility of up to 30MM BRL (approximately 6 million USD). The investment was led by NAVI, a leading Brazilian asset manager. This financing will allow SUPERSIM to finance its rapidly growing loan book of secured and unsecured micro loans. This was SUPERSIM’s first debt financing, with a Series A equity raise planned for next year. While the COVID-19 pandemic has curtailed much of the online lending in Brazil, SuperSim’s loan originations grew by five times since the beginning of the crisis.
In order to accelerate its growth during the crisis, SUPERSIM fast-tracked the development of a secured loan product utilizing a customer’s mobile phone as collateral. Together with the predictive power of the company’s proprietary credit model, this measure further contributes to SUPERSIM's ability to reliably control default rates while maximizing issuance.
“We are pleased to partner with NAVI, one of Brazil's best-known credit investors, to further accelerate our growth trajectory,” says Daniel Shteyn, Chairman and President of SUPERSIM. "Given the very strong loan performance demonstrated by our portfolio throughout the current crisis, we intend to deploy the additional capital to further increase our growth rate, which currently exceeds 30% per month."
"In addition to our mission of financial inclusion, SUPERSIM focusses on technological and analytical innovation to make the loan process easier and more convenient for its clients. We recently launched a fast-funding feature, where we deposit the loan proceeds in customers' bank accounts within thirty minutes or less after approval or we do not charge interest," says Antonio Brito, the company's CEO.