Brazil’s Kesh raises $110M to expand employee credit platform

Brazilian fintech Kesh raised $110M in equity and debt to expand its credit operations.

Marcelo Ramos and Emmanuel Hermann founded Kesh to provide financial services to employees at medium and large companies. Its platform offers a free payroll account, emergency loans approved within one minute, and a cashback program that allows users to offset interest and fees through purchases from more than 200 partner brands.

The equity part will fund marketing and technology, while the debt will finance Kesh’s credit rights investment fund.

Kesh processes more than $13M in payroll and disburses about $1.6M in loans each month, with an average loan size of $120. Kesh has 35,000 registered users and aims to reach one million by 2029.

Source: LatamList