Funding Round attributes
Oxpay, a Brazilian fintech founded in 2021, specializes in offering customized payment solutions for businesses and consumers. It is ideal for road transport companies and companies with drivers. The company recently closed a $3.5 million investment round led by SRM Ventures.
Funding will mainly be directed to strengthening its technological infrastructure and expanding its team. It will focus on improving its payment platform and supporting small and medium-sized enterprises. By the end of next year, the company wants to double its customer base and multiply total volumetric payments (TRV) by 10.
"Currently, we work with 36 carriers and have more than 10 thousand registered drivers, serving the main companies and markets of Brazil. The partnership with SRM not only strengthens our finances but also gives us the expertise to improve our platform, expanding the credit supply safely and sustainably. This investment also allows us to fulfill our purpose of being the bank for freight carriers," said Robert Ferreira, founder and CEO of Oxpay.
The participation of SRM Ventures is a significant endorsement for Oxpay, highlighting investors' confidence in its business model. This investment reinforces the importance of Oxpay in a growing market where innovative payment solutions are crucial for digitization and financial inclusion.
"We strongly believe in the growth of fintech, mainly because they operate in one of the most important sectors of the country which is road transport. They are also bringing technology and payment facilities closer to a population that lacks customized products". André Szapiro, director of SRM Ventures.
Oxpay specializes in digital payment solutions, offering customized platforms for businesses and consumers. Its main focus is to simplify and optimize the payment process through advanced technological tools, allowing small and medium-sized enterprises (SMEs) to improve their financial operations. The platform integrates online and point-of-sale payment solutions, tailored to each client’s specific needs.
Oxpay is directly involved with the carrier industry due to its focus on offering payment solutions that integrate with logistics and transportation management systems. The startup works with carriers to simplify the financial management of their operations, such as payment for services, tolls, and fuel. This allows companies in the transportation sector to optimize their processes and maintain an efficient cash flow, which is crucial for logistics and distribution in Brazil.
The platform evaluates companies' risk and financial needs using technology tools, making it easier to approve loans in a more agile way than traditional methods. This is particularly useful for SMEs in the transport sector, which often face cash-flow fluctuations and need immediate access to finance to sustain their operations.
The financial backing from SRM Ventures and other investors will not only allow Oxpay to accelerate its growth but also position the startup as a key player in the evolution of the fintech ecosystem in Brazil and Latin America. This milestone not only strengthens confidence in its value proposition but also underlines the impact it can have on modernizing the regional financial market.
