The Wall Street bank is providing 1b reais and the rest will come from local investors. The funds will help the firm start to expand again after fallout from the Covid-19 pandemic forced it to pull back on lending. Founded earlier this year, Open Co resulted from a merger between Geru, which offers credit to “more established individuals,” and portfolio company Rebel, which provides loans to young Brazilians.
“In addition to expanding credit, we’re also looking around, because there is a gigantic acquisition opportunity for us,” Zagury said. “There are a lot of good companies -- with top technology, good people and good structure -- but that are lacking capital right now.”