30 November 2021

Carey Olsen supports Brazil fintech TruePay on US$32m funding round

Carey Olsen's corporate team in the Cayman Islands has advised Brazilian B2B fintech TruePay on its US$32 million Series A funding round – one of the largest ever growth stage investments seen in both Brazil and the Latam region.

The startup's 'buy now, pay later' payment solution helps small and medium sized retailers have free and secure access to credit. It will use its Series A funding, which was led by venture capital firm Addition, to improve its network solution, increase capacity and expand the TruePay team.

Working alongside onshore counsel Cooley LLP, the Carey Olsen team advising TruePay on the Cayman law aspects of the funding round comprised partner Alistair Russell and associate Trevor McCabe.

Alistair said: "We are truly delighted to have helped TruePay on its inaugural funding round. The scale of the investment is testament to the TruePay team and the impact it is making in the development of innovative, convenient and low-cost payment technology. Easing the process by which other entrepreneurs and business owners in Brazil can grow their own businesses is a wonderful mission and we are immensely proud to be involved.

"The deal also acts as a further reminder of what an exciting time it is for technology-focused startups in Latin America and the popularity of the Cayman Islands for venture capital deals of this kind."

Founded in 2020, TruePay has clients throughout Brazil and a merchant base in the thousands. It plans to grow tenfold by the end of 2022.

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