Mubadala To Lead $105 Mln Funding Fintech Cerc
PARIS, France - Mubadala Capital LLC, Abu Dhabi's state investor, is set to lead a funding round of up to 550 million reais ($106.6 million) in Brazilian receivables exchange Cerc, the Brazilian firm said on Thursday.
Cerc confirmed Mubadala's interest in the investment, first reported by a Brazilian news website, which it said was still pending regulatory approval.
Earlier this year, Reuters reported that Cerc was in talks with venture capital funds for a $100 million investment as a step toward an initial public offering (IPO).
Founded in 2015, Cerc's initial focus had been to provide an online platform for factoring deals, acting as an alternative to notaries, to help the owners of the receivables use them as collateral to get cheaper credit.
Mubadala did not immediately respond to a request for comment.