Traba, a Brazilian fintech company that provides financial services to small businesses, has raised $20 million in a Series B funding round led by Tiger Global Management. The company also announced that it has acquired Wiggers, a Brazilian software company that provides accounting and tax solutions to small businesses.
Traba was founded in 2018 by Rafael Benseñor and Luiz Eduardo do Prado. The company offers a variety of financial services to small businesses, including working capital loans, invoice financing, and credit cards. Traba also offers a platform that helps small businesses manage their finances and accounting.
Wiggers was founded in 2008 by Rafael Wiggers. The company offers a variety of accounting and tax software solutions to small businesses. Wiggers also offers a platform that helps small businesses manage their payroll and HR.
The acquisition of Wiggers will allow Traba to offer a more comprehensive suite of financial services to small businesses. Traba now offers small businesses everything they need to manage their finances, from accounting and tax software to working capital loans and credit cards.
The $20 million Series B funding round will be used by Traba to expand its team and grow its business. The company plans to hire more engineers and sales representatives, and to open new offices in Brazil and other countries.
The investment in Traba is a sign of the growing interest in the Brazilian fintech market. Brazil has a large population of small businesses, and many of them are underserved by traditional banks. Traba and other fintech companies are providing small businesses with access to financial services that they need to grow.
The acquisition of Wiggers is also a sign of the consolidation that is happening in the Brazilian fintech market. As the market matures, we are likely to see more fintech companies merge and acquire each other. This consolidation will create stronger and more competitive fintech companies that will be able to better serve the needs of small businesses in Brazil.