Open Finance transformed by Klavi

Klavi has announced that they received $15M USD in capital contribution. The series A round was led by venture capital funds Iporanga Ventures and Parallax Ventures and included GSR Ventures (an investor in several unicorns, including Didi/99). The banking infrastructure provider CIP S.A. and Vivo Ventures, Vivo's Corporate Venture Capital (CVC) launched in April, also entered the round, marking their first investment in a fintech. The funding also allows for an additional closing within 90 days, and other already engaged investors will also enter.

With the objective of becoming a leader in Open Finance solutions in Brazil, Klavi will use the financial resources to strengthen its technology area, through opportunities for innovation in B2B services and its data processing sector, in addition to facilitating the creation of new products. The fintech is also aggregating information from a number of sources with CIP S.A. and is already developing the first score with bank slip data.

Klavi closes on $15M USD investment to transform Open Finance

"This is a very special moment for us. We are building the future of the financial system through Open Finance. The contribution will give us a boost for developing more solutions, and facilitating the sharing of financial data. Our partners will be able to have a 360-degree view of their customers' information, with everything centralized in one place, always with user consent, and can be shared with any company", says Klavi CEO Bruno Chan.

"We have always liked the financial sector and the opportunities in Open Finance. When we met Klavi last year, we were impressed with the company's ability to work with data at scale and deliver a concrete product to customers. Now, after a year, our impressions are confirmed: the company has been accelerating a lot, the product roadmap has matured and, contrary to other companies, it is hiring. We didn't think twice regarding co-leading this round," explains Leonardo Teixeira, a partner at Iporanga Ventures.

Klavi was founded in 2020 by Bruno Chan and Stone Zheng and is a pioneer in generating insights from Open Finance data in Brazil, offering solutions for any size of business. The company's target audience is financial and non-financial institutions that need a solution for information portability and processing, in addition to C-level, directors, product managers, credit, and innovation.

"Klavi has been rapidly gaining space in this market thanks to the technical quality of its solution that sets it apart from the competition. The history of the founders and their ability, as well as that of their teams, have attracted very relevant customers and players. This round once again confirms that", says Fabio Dutra, Managing Partner at Parallax Ventures.

Klavi expected growth

Klavi expects to grow its base to more than 100 active clients by the end of 2022 and to reach more than 500 by December 2023. "We see a big gap between receiving Open Finance data and using it for business. We will facilitate and accelerate the entry of new players through our SaaS technologies", Chan summarizes.

For Rodrigo Gruner, Director of Innovation and New Business at Vivo, this first CVC investment strengthens the fund’s thesis, as it was created to boost Vivo's strategy as a digital hub, developing business in areas that go beyond connectivity. "With Vivo Ventures, we are looking for startups with high growth and potential for return, but that can also be connected to Vivo's business platform for generating value for both. The investment in Klavi brings us even closer to the financial services market and the opportunities in Open Finance, and opens the possibility of accelerating joint business, with Vivo either as a client or as a service distribution platform", he says.

"CIP S.A.’s purpose is to build financial solutions and products for boosting the digital economy in our country. Open Finance makes this momentum possible, as we see a great opportunity for operational optimization in financial services. Therefore, the investment in Klavi, the first in CIP S.A.’s Corporate Venture Capital modality, is emblematic, as it represents our first step in this journey", comments Raphael Mielle, leader of innovation at CIP S.A. As the platform operates with more than 90% accuracy in terms of ranking, it has processed more than 450 million transactions and made more than 4 million connections with financial institutions, as well as bureaus, fintechs, and startups. In 2021, the fintech received a R$ 6.5 million seed investment led by Iporanga Ventures together with Parallax Ventures. The financial resources were used for modernizing its technology’s architecture, especially improving data collection and processing with software engineers.