TruePay builds a B2B "buy now, pay later" network that lets sellers grant credit without exposure to default risk while giving merchants seamless, costless access to inventory financing. The company converts retailers' credit card receivables (merchant cash advances) into purchasing power and uses those receivables as collateral to guarantee supplier payments. Founded by former VCs Pedro Oliveira and Luis Eduardo Cascão after they left their firms in December 2020, TruePay is based in São Paulo and reports clients in all Brazilian states. After five months of operations it says its merchant base is "in the thousands," with month-over-month growth fluctuating between 100% and 200% in 2021 and an expected ten- to fifteen-fold expansion in 2022. The $32M Series A will be used largely for hiring as the company plans to grow from 50 to 100 employees by year-end. TruePay's product aims to close retailers' working capital gaps, unlock supplier credit, and streamline commercial relationships between merchants and suppliers.

Total raised

$32M

Funding rounds

1

Latest round

Series A

Latest activity

Nov 2021