Miami — Just six months after closing a $15 million Series B, Hash today announced the close of its $40 million Series C. This round was led by QED and Kaszek, both of which count Nubank, Creditas and Bitso as portfolio companies. This round brings Hash’s total raised to date to $58.7 million. Hash will use the money to accelerate its growth and also to grow the tech team, so that they can further develop its infrastructure and scale its products.
The São Paulo based company offers financial infrastructure so that businesses can offer a full payments solution for their clients.
Almost everything you buy in Brazil can be parcelado, or paid for in installments. But managing and streamlining all these transactions has been a challenge for merchants. That’s one of the areas where Hash comes in.
“We’re B2B2B,” said Ademar de Proença Filho, the company’ s COO.
“We understand that each sector, each ecosystem in the market, has its own specificities and necessities. That’s why we use proprietary technology, capable of adapting to different market verticals.”
Ademar de Proença Filho, COO, Hash
The company was also recently included in CB Insights top 250 global fintechs in 2021, where only 6 Brazilian companies were included.
“This business model is very new to the market, so we had to teach companies how they could use this approach to grow their business. It wasn’t until the Series B that we got some visibility in the market and we grew our client base from 8-16.” The company is present in 16,000 establishments.
With the doubling of its client base its transaction volume has also grown by 6x since April, said Proença Filho.
Hash was started by João Miranda, the company’s current CEO, who previously worked at Pagar.me, the Brazilian online payments company. “While he was working there he saw a demand from companies because they wanted to have a Pagar.me from within their business,” Proença Filho said.
“We understand that each sector, each ecosystem in the market, has its own specificities and necessities. That’s why we use proprietary technology, capable of adapting to different market verticals. Also, our entire team works to understand the real needs of each client in order to offer an infrastructure that solves all their needs and also adds value to our clients’ business,” the company said in a statement.
Hash offers operations as a service (OaaS).
The four-year old company has 168 employees, but plans to grow the team to 190 by the end of the year.
