[FinSMEs] Dinie Raises USD $3.8M in Seed Funding
Dinie, a Berlin, Germany-born and Sao Paulo, Brazil-founded API-first embedded finance startup, raised USD $3.8m in seed funding.
The round was led by Accion Venture Lab and K50 Ventures, with participation from Flourish Ventures, Domo Invest, Endeavor’s fund Scale Up Ventures, and Tribe Capital amongst other funds, and several individuals from companies including Bill.com, Divvy, and more.
The company intends to use the funds to accelerate its end-to-end embedded credit infrastructure and further expose its APIs to Brazil’s largest ecommerce platforms and serve more than 15,000 MSMEs with embedded products such as Dinie Credit Account (business overdraft) and DiniePay (Buy Now Pay later for businesses).
Led by Suzy Ferreira, Dinie’s Founder and CEO, and Vinicius Cibim, Co-founder and CFO, Dinie enables digital platforms to provide innovative financial services solutions to underserved micro, small and medium-sized enterprises (MSMEs) in Brazil. The company allows any digital platform to quickly start offering instant and embedded credit-based revolving lines and payment solutions.
By embedding their infrastructure and services within existing platforms that MSMEs already use, Dinie is able to reach large pools of potential MSME customers. The company then leverages the platforms’ data to quickly approve and underwrite revolving credit and monitor cash flow and repayment behaviors to adjust credit lines and approve new drawdowns without additional paperwork. Its digital credit account further enables MSMEs to fund their working capital and to pay for their daily business expenses.
The company, which has already partnered with Brazil’s largest e-commerce enabling platforms such as iFood by MovilePay and already granted more than 1,500 loans, also announced that it has concluded its own securitization structure securing a further USD $20m in debt financing capacity from Empirica Investimentos, a local structured debt investor, with a portfolio under management of USD $1 billion.