Brazil’s Kanastra Raises $21 Million for Private Credit Funds Platform

Kanastra raised $21 million in a Series A funding round to continue to improve its tech-driven back office for private credit funds and securitizations in Brazil.

With the new funding, the company aims to continue its “strong growth” after growing more than 10 times in the past 12 months and gaining 130 clients, Kanastra said in a Wednesday (June 5) press release emailed to PYMNTS.

“The biggest challenge in our sector is to scale companies while maintaining and improving the quality of products and a wide range of services for users along the way,” Kanastra CEO and Co-founder Gustavo Mapeli said in the release. “We believe the solution lies in having the best technology and team in the industry.”

Kanastra’s offering includes both a complete technological platform and regulatory licenses, so it can provide credit originators and institutional investors with automation of operations together with data and analytic tools for monitoring their private credit funds and securitizations, according to the release.

The company offers fund management, fund administration and custody for asset-backed private credit funds; issuance and management of securitization instruments; and banking products like escrow accounts, debt issuance and debt payment methods, the release said.

Kanastra’s latest funding round was led by Kaszek, per the release.

In another investment in a Brazilian company, business payments firm FLEETCOR Technologies said in March that it closed a majority investment in Brazilian vehicle payments company Zapay. (FLEETCOR subsequently changed its name to Corpay.)

Zapay’s digital mobility solution enables drivers to pay vehicle taxes, registration and tickets. It is the only company integrated into all 27 Brazilian states’ National Traffic Departments, FLEETCOR said at the time in a press release.

In August, J.P. Morgan Chase & Co. boosted its stake in Brazilian digital bank C6 Bank from 40% to 46%, saying at the time that C6 Bank had seen growth, expanding its number of clients from 8 million to 25 million.