Business

Brazilian lending app Click Cash receives a $490,000 investment

The startup uses AI to grant credit quickly

The infusion was led by private European investors and Change Invest. Photo: Shutterstock
  • The app offers loans between BRL 500 and BRL 2,000 to individuals;
  • It was launched when the pandemic took place in Brazil.

Brazilian Click Cash, a recently launched lending app, announced it has raised $490,000 (BRL 2.5 million) from Change Invest and private investors in Northern Europe, according to Pequenas Empresas & Grandes Negócios (PEGN).

It was founded in São Paulo last year with the propose of offering loans between BRL 500 and BRL 2,000 to individuals, with approval within 24 hours and payment in six months. The app was launched in March this year, during the COVID-19 pandemic in Brazil, and is close to reaching 100,000 downloads, according to PEGN.

The fintech has an AI-based system that does identity and credit risk analysis.

The platform is the first one to use data from Cadastro Positivo, from Serasa, the largest credit bureau in Brazil, for granting loans via an app.

In February this year, the fintech had already raised the equivalent of BRL 5.5 million in an infusion led by the Austrian Telor and the Estonian Morcote Holdings.