30 May 2022
Carey Olsen advises Brazilian fintech Marvin on US$15m funding round
Carey Olsen's corporate team in the Cayman Islands has advised Brazilian B2B fintech Marvin on its US$15 million Series A funding round.
Marvin, founded in 2020, is a B2B payments platform that enables merchants to use credit card receivables as collateral for working capital or short term loans. The service allows retailers to avoid the anticipation fees charged by point of sale operators, which can be as much as 4% of any transaction.
The Series A funding round was led by venture capital firm Canaan followed by existing investors Canary and Mauá Capital as well as a number of angel investors.
Working alongside onshore counsel Foley & Lardner LLP, the Carey Olsen team advising Marvin on the Cayman law aspects of the funding round comprised partner Alistair Russell and associate Trevor McCabe.
Alistair said: "Marvin is Canaan's largest Latin America investment to date, which is indicative of the rapid growth and interest in Brazil's digital payments space. Marvin has the potential to become one of the most dynamic payment solutions for retailers across the country and Carey Olsen is excited to see how the company grows over the coming months as a result of its successful Series A funding."
Marvin will use the funds raised to grow its operations, workforce and expand its service offering throughout Brazil.