Sao Paulo based fintech Barte has raised an $8m Series A to continue scaling its modular payments solutions – after growing more than 70x since their seed round 1.5 years ago.
The company offers a multichannel payments platform and white-label infrastructure for ecosystems looking to plug payments capabilities without the complexity of operating them.
Barte is now well into the tens of millions of annualized revenue and raised an $8m Series A led by AlleyCorp, a New York-based venture capital firm founded by serial entrepreneur Kevin Ryan. The investment was followed by current investors that included: NXTP, VentureFriends, and Force Over Mass Capital.
“We were already operationally profitable and saw this as an excellent opportunity to accelerate our investments in product and expand go-to-market,” said Barte Co-Founder Caetano Lacerda.
“Barte’s wide range of fintech capabilities are already making a huge difference for companies of every size in Brazil,” said Marshall Porter, General Partner at AlleyCorp and member of Barte’s Board of Directors. “We’re excited at the potential to scale those solutions even more by making payments much more efficient from business to business.”
Merchant acquiring alone moves $1 trillion annually in Brazil, while still growing 10% every year. Mercado Pago, Mercado Livre’s financial arm, has been a key player in this market and a large driver of the $100 billion company’s growth in the past three years, for example.
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