Brazilian fintech Asaas has raised its third Credit Rights Investment Fund (FIDC), worth BRL100mn ($18.5mn), to finance credit card payment advances for small and medium-sized businesses, the company said in a press release.

Founded by brothers Piero and Diego Contezini in the 2010s, Asaas now serves over 210,000 customers with products ranging from digital accounts and payment links to cards and business management solutions.

The latest issuance, coordinated by Itaú BBA with participation from Bradesco BBI and managed by Kanastra, follows Asaas surpassing BRL500mn in annual recurring revenue. It marks a cheaper financing round than its 2023 FIDC, which carried a CDI + 2.5% rate.

CFO João Possamai said the fund strengthens the startup’s ability to secure liquidity during market volatility. Asaas advanced BRL2bn last year, with the receivables operation now representing 15% of revenue.

Backed by a $150mn Series C led by SoftBank and Bond Capital in 2024, the fintech aims to reach more than BRL1bn in revenue by 2026 and BRL2bn by 2027, potentially paving the way for an IPO around 2028.