17 June 2022

Carey Olsen advises Brazilian startup Destaxa on seed funding round

Carey Olsen's corporate team in the Cayman Islands have advised Brazilian payments platform Destaxa on its US$3.1 million seed funding round.

Destaxa, which was founded in 2021, provides merchants with a solution to point of sale (POS) payment processing issues by offering access to all major payment schemes and acquirers through a single exchange-traded fund integration. Destaxa routes payments through the most cost-efficient rails, resulting in savings for merchants and a seamless reconciliation experience.

The Carey Olsen team working alongside onshore counsel Cooley LLP comprised partner Alistair Russell and associate Emily Cornhill. The team advised on the Cayman law aspects of the seed funding round.

Alistair said: "Destaxa has the opportunity to become a game-changer for merchants struggling with POS payment processing and we are thrilled to have supported the firm on its first voyage into funding. At Carey Olsen we've seen first hand over the last few years the rapid increase in Brazilian fintech startups attracting funding and it continues to be an incredibly exciting time for the Latam region."

The funding round was led by Quona Capital and followed by Caravela, Norte Ventures and a number of angel investors.

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