Brazils Hash raises $40,000M in a round led QED and Kaszek to support its white-label payment software
Hash, a fintech company that provides payment infrastructure, announced today that it raised $40 million in Series C funding. This round was co-led jointly by QED Investors, Kaszek, and Kaszek.
This raise follows a six-month-old Brazilian startup raising $15 million in Series A financing, led by QED in Alexandria, Virginia. It brings the total amount raised to almost $59 million since its 2017 launch. Endeavor Scale Up Ventures contributed money to the round.
Hash provides end-to-end payment infrastructure to non-financial B2B businesses looking to offer banking services, from point-of sale (POS) software to mobile apps to dashboards and payments. White-label software allows for customized payment services. This is a focus on B2B businesses with large customer bases and partners.
Joo Miranda, the founder and CEO, of Hash, stated that it has doubled its client base to 16 since its last raise. Hash has experienced a 10x increase in POS transactions over the past year. Miranda predicts that Hash will surpass $275 million in total payments volume by year's end.
The company's mission is to decentralize financial service, with a focus on SMEs.
He said that we provide financial infrastructure to B2B companies so they can embed payment solutions in their custom ecosystems. This allows them to offer better and more competitive solutions to SMBs within their ecosystem.
16 customers of Hashs use the infrastructure to offer financial services to their customers, who are SMEs. Its software is currently used by more than 16,000 SMEs.
Miranda says that Hash aims to provide a payment services infrastructure to help businesses find new sources of revenue.
TechCrunch spoke with him that we understand that every sector and each market has its own needs. We use proprietary technology that can adapt to different market verticals.
The startup intends to use the new capital to expand its operations in the markets it is already present in, whether by geographical or segment. Hash is currently only present in Brazil. Miranda stated that Hash's goal is expansion throughout Brazil's entire territory. This vast territory has great potential for growth.
It plans to offer more financial services in addition to its existing payments volume. This includes credit and loans, as well as card issuance infrastructure. As most startups have raised funding, Hash plans to hire more people. It has already increased its workforce to almost 170, compared to 74 last year. It hopes to have 190 employees by the end of the year.
Santiago Fossatti is a Kaszek partner and believes Hash can solve many industry problems while adding value to its customers' businesses.
He said that Hash is poised to play a key role in the Latin American payments industry and be a reference.
Mike Packer, QED Investors partner, believes the market opportunity is huge. He says Hash's unique ability to combine the most advanced technology with an unrivalled perspective on how to integrate payments into partners' business models is what sets it apart from other players in the space.