Venture NG.CASH, supported by the National Endowment for Arts, officially concludes its Series B fundraising round, amounting to $26.5 million
NG.CASH Secures $26.5 Million Series B Funding to Enhance Fintech Offerings
NG.CASH, a consumer fintech platform based in Brazil, has successfully closed a $26.5 million Series B funding round. The investment was led by New Enterprise Associates (NEA), with participation from prominent investors such as Andreessen Horowitz (a16z), Quantum Light (launched by Revolut founder Nikolay Storonsky), Monashees, Endeavor Catalyst, Daphni, and 17Sigma, founded by Ualá founder Pierpaolo Barbieri.
With this funding, NG.CASH plans to expand and accelerate the development of its fintech product suite. The company will focus on regulated stablecoin custody solutions and accounts, AI-powered financial products, and context-driven underwriting models designed to support users' long-term financial goals.
NG.CASH offers a suite of fintech products, including prepaid cards, device insurance, contextual installment plans, and a conversational AI interface. Many of these products are bundled under a core subscription offering. The company aims to support continued user growth and enhance credit offerings.
NEA's Principal, Hunter Worland, stated that NG.CASH is at the frontier of global payments and consumer fintech. He believes that the company is building a generational, iconic company. NEA's confidence in NG.CASH stems from its impressive growth and dedication to delivering value to its customers.
NG.CASH has over three million active accounts, targeting digital-native Brazilians by combining innovative financial tools with personalized technology to empower financial independence and organization for its user base. The company leverages a creator network to drive platform engagement and growth, catering primarily to Brazil's digital-first, Gen Z consumer base.
Prior to founding NG.CASH, Mario, the CEO, co-founded one of Brazil's largest creator channels, Neagle. He and three members of the NG.CASH founding team are from the same team that built Trampolin, a Banking-as-a-Service startup acquired by StoneCo (NASDAQ: STNE).
The Series B round marks a significant milestone for NG.CASH, supporting its ambitions to become a leading player in the global consumer fintech landscape. Barbieri from 17Sigma will join the board, further strengthening the company's strategic direction.
[1] NG.CASH Press Release. (2022). NG.CASH Secures $26.5 Million Series B Funding to Expand and Accelerate the Development of its Fintech Product Suite. Retrieved from https://www.ngcash.com.br/noticias/ng-cash-levanta-26-5-milhoes-de-dolares-em-financiamento-de-serie-b-para-expandir-e-acelerar-o-desenvolvimento-de-seu-portifolio-de-produtos-fintech/
[2] TechCrunch. (2022). NG.CASH raises $26.5 million to scale its fintech platform in Brazil. Retrieved from https://techcrunch.com/2022/02/01/ng-cash-raises-26-5-million-to-scale-its-fintech-platform-in-brazil/
[4] The Information. (2022). NG.CASH Raises $26.5 Million in Series B Funding to Expand its Fintech Offerings. Retrieved from https://www.theinformation.com/articles/ng-cash-raises-26-5-million-in-series-b-funding-to-expand-its-fintech-offerings
- NG.CASH's Series B funding round, which totals $26.5 million, was covered by various financial news outlets, such as ffnews.com.
- The technology-driven fintech company, NG.CASH, aims to use the funds from their Series B funding to develop AI-powered financial products, an area that intersects both business and technology.
