Foley Represents Brazilian Fintech Velotax in $23M Series A Financing

Foley & Lardner LLP represented Brazilian fintech startup Velotax in its $23 million Series A funding round, one of the largest Series A financings in Brazil this year. The round was led by Valor Capital Group, QED Investors, and Picus Capital. 

Velotax was founded by former J.P. Morgan bankers Eduardo Esmanhotto and Victor Savioli to meet the challenge of financial education and access to credit in Brazil. The company has developed a full-scale personal finance ecosystem designed to reach classes C and D, which are segments of the population often denied loans by traditional banks. Velotax utilizes AI for its credit analysis but maintains human service centers to assist users.

The funding will be used to expand Velotax’s AI credit platform and strengthen its financial-inclusion strategy throughout Brazil.

The Foley team was led by partner André Thiollier with support from associates Trevor Mullin and Mackenzie Barrett.