NG.CASH Secures $15 Million in Strategic Funding
NG.CASH, a São Paulo-based fintech company, has announced a $15 million strategic funding round led by Blockchain Capital. The company offers a digital account service with a Mastercard, targeting younger consumers, including minors. Users can perform transactions like PIX, make purchases, and save money monthly with the platform's digital piggy bank feature.
Company Background
Founded by Mario Augusto Sá (Co-Founder & CEO), Petrus Arruda (Co-Founder & COO), and Luis Felipe Carvalho (Co-Founder), NG.CASH has rapidly grown its user base. Originally an extension of a popular YouTube channel, the company now serves over 10 million users, focusing on providing financial services to younger Brazilians, particularly those from middle- and lower-income households.
Use of Funds
The newly acquired funds will be used to expand NG.CASH's platform, particularly in the areas of consumer credit and digital financial services. The company aims to enhance its credit offerings, including Crédito CLT and Pix Crédito, and is targeting BRL 1 billion in credit originations by 2027.
Regulatory and Future Plans
NG.CASH holds two licenses from the Central Bank of Brazil, allowing it to operate as a direct credit society and payment institution. The company has also applied for a Virtual Asset Service Provider license, which, if approved, could pave the way for future ventures into stablecoins and cryptocurrencies.
Conclusion
With this latest funding round, NG.CASH is well-positioned to continue its growth and expand its suite of financial products, potentially offering new digital asset services to its substantial user base, pending regulatory approvals.