Telefónica will invest three million dollars (2.9 million euros at the exchange rate) in the Brazilian ‘fintech’ Klavi through its investment fund in the country Vivo Ventures, as announced on Thursday by the Brazilian subsidiary of Telefónica, which has indicated that the investment of the operator will be carried out through promissory notes convertible into shares.
Klavi is a company that offers open finance solutions through a software-as-a-service platform that enables its clients to develop financial products and services faster.
The firm was founded in February 2020 and had already raised $1.5 million (€1.4 million) a year ago in a previous seed round backed by Brazilian investment funds Parallax Ventures and Iporanga Ventures.
For Telefónica, this investment represents the first operation of its new Vivo Ventures fund, which has 320 million reais (60.4 million euros) to invest in startups that complement its offer in Brazil.
Telefónica Brasil already announced when presenting results for the first semester that it had closed a list of 20 startups preselected to invest and that it would begin to close operations soon.
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