Canary and Valor Capital led a R$13m round in Caju, a Brazilian employee benefits management platform, with participation from Ariel Lambrecht of Yellow and 99. Caju provides employers with an all-in-one benefits card for employees with the ability to customize spending limits for pre-approved expenses. The company offers its services free of charge to all employers and monetizes its program through a transaction fee obtained every time employees make use of the card in establishments.
(Contxto) Flexibility is a flavor investors always crave and they just sunk their teeth into a piece of cajú (that’s Portuguese for “cashew”).
Yesterday (5) news broke that fintech Caju raised R$13 million (~US$2.5 million) in a seed round co-led by Canary and Valor Capital. Other participants include angel investors like Ariel Lambrecht (co-Founder at Yellow and 99).
The startup will use the funds for tech development, hiring, and to boost sales. Caju launched operations in January of this year. Since then, it’s gained over 400 customers and manages employee benefits programs for more than 15,000 people in Brazil.
Savor the Caju
The cashew tree grows one very versatile ingredient. For one, it produces the seed we’re all quite familiar with. But did you know that the cashew fruit is just as savory and it’s a popular ingredient in Brazil?
Known for its refreshing and sweet taste it can be consumed as a healthy snack, added to other recipes, or even be fermented and added to alcoholic beverages.
Evidently, this humble fruit has multiple applications. This is also the flavoring behind what fintech Caju does.
Add a touch of Caju
The startup issues employee benefits cards that can be used for buying various products and services. When a business registers its employees onto the Caju platform, they set the rules and categories to manage benefits.
The startup offers six areas for employees to spend the balance on their card: food and beverages, groceries, transport, health, entertainment, and education.
For example, a team member can use the funds to buy groceries. If there’s money left over on the account, they can spend it on streaming services like Spotify or on online classes.
Caju doesn’t charge companies for running their benefits programs. Instead,it monetizes through an interchange fee for every purchase.
That’s a tasty benefit for companies as they no longer have to foot the bill with card issuers, as is usually the case.