Foley Advises Z1 in $10M Series A Funding

01 December 2021 News

Foley & Lardner LLP recently advised Z1, a Brazilian neobank focused on offering digital accounts and a linked prepaid card to teenagers and young adults, in its $10 million in Series A funding. Kaszak led this funding round and was joined by existing investors MAYA Capital, Homebrew, Clocktower, and The Chainsmokers. 

Z1 was founded in 2019 by João Pedro Thompson, Thiago Achatz, Mateus Craveiro, and Sophie Secaf to develop a digital bank app aimed at helping Brazilian and Latin American teenagers become more financially independent. According to Z1’s CEO Thompson, the company’s revenue grew 26 times since the last raise in April 2021 and has continued to grow by almost 40 percent per month. Z1 also expanded its customer base by eight times during the same time, at a rate of 30 percent per month.

The new capital will allow Z1 to increase its employees in areas such as engineering, product, marketing, and customer experience, with plans to increase from 60 to over 100 within the next three months. The additional staffing will provide support as the company aims to grow 10 times over the next 12 months and add new features to enhance the financial inclusion and literacy of customers.

The Foley team was led by Partner André Thiollier and included Associate Ethan Floyd.