“Access to good quality credit at the point and time of need is the single most important obstacle for Brazilians to achieve financial wellness, increase consumption and create wealth,” said Sandro Reiss, Open Co’s co-founder. “It’s a huge market that is still controlled by incumbents charging extremely high interest rates, which makes it difficult for people to pay back their loans. It is a vicious cycle; delinquencies are high and interest rates even higher. Our mission is to change that.” Open Co provides clients with access to credit and access to tools that are designed to improve their financial lives, not make them worse. The process is 100% digital, with no bureaucracy involved; it claims to be fast, and the rates are lower than those of traditional banks.

https://techcrunch.com/2021/12/15/brazilian-consumer-credit-startup-open-co-raises-115m-in-softbank-led-round/