Accion Venture Lab made an undisclosed investment in Jeitto, a Brazilian fintech offering a mobile purchases and payments app for underserved consumers.
(Press Release) Brazilian neobank Jeitto announced today that it has closed a new round of funding from Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion. The funds will help Jeitto to grow its financial service offerings, enhance user experience, and ultimately reach more financially underserved consumers throughout the country.
Founded in 2014, Jeitto is a Brazilian mobile-first neobank that provides credit, payment, and other financial services to underserved consumers. In Brazil, less than 5% of the country has a mobile money account despite the high prevalence of smartphone use. Jeitto’s app leverages usability and allows consumers to enhance the way they manage their day-to-day finances, including paying utilities, transportation, and mobile top-ups.
“At Jeitto, we are committed to the purpose of bringing, in an innovative way, credit-based financial services to a segment underserved by the market,” said Fernando Silva, co-founder of Jeitto. The founders and CEO emphasize the fact that Accion Venture Lab is a strategic investor with extensive global investment experience in the industry in which Jeitto operates. “We believe that Accion’s experience and support will significantly contribute to the rapid growth of Jeitto’s app consumer utilization,” said Adriano Duarte, CEO of Jeitto.
“Nearly a third of Brazilians lack a bank account and countless more rely on low-quality, expensive products. By providing affordable, convenient financial services, Jeitto is helping more people benefit from the formal financial sector,” said Michael Schlein, President and CEO of Accion. “Jeitto’s strong management team, innovative neobank design, and focus on consumer experience position it well to have a scalable impact across Brazil,” said Matthieu Albrieux, Investment Officer for Latin America, Accion Venture Lab.
Jeitto is designed to give low- and emerging-middle income customers access to financial products that are otherwise not available to them. By leveraging alternative data and a sophisticated underwriting algorithm, Jeitto offers transparent pricing and a simple interface for its more than 30,000 consumers. The company also helps consumers with little financial experience to carefully build their financial confidence by rewarding positive behavior and gradually introducing them to a wider range of financial services.