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Magnetis raises $11 million for its automated wealth management and brokerage service for Brazil

Magnetis, an automatic wealth management solution for Brazilian investors, has raised $11 million in a brand new round of funding because it transforms itself staunch into a pudgy-service brokerage for the nation’s investor class.

Merchants in the round included Redpoint eventures and Vostok Emerging Finance, the corporate said.

“We’re fairly overjoyed with this vote of self assurance from our investors. It finest reinforces the credibility of our service and change model, which makes exhaust of workmanship for purpose-basically basically based funding management, with out making a war of hobby,” said Luciano Tavares, founder and CEO of Magnetis. “The new funding might be archaic to open our have brokerage and to create new functionalities that red meat up customer experience and provide an total and curated amble via purpose-basically basically based investments.”

First launched five years in the past, the corporate has location up 350,000 funding plans and has better than 430 million reals below management, per an announcement from the corporate.

The corporate said it planned to hit better than 1 billion reals by the wreck of 2021.

“At the present time, the Brazilian market is more sophisticated, with a pointy tumble in a dependence on mounted profits and a upward push in extra financial sources, including funds, shares, commodities and mounted-profits securities. Defining a deepest funding portfolio is a science, no longer a game or lottery,” said Anderson Thees, founder and managing partner of Redpoint eventures, in an announcement. “Magnetis’ mammoth differentiator is its ability to location up a personalised funding concept, with capable sources and its exhaust of AI to control the final variables in an advanced design. Magnetis is properly-positioned for accelerated enhance and our crew at Redpoint is allowing for steering them for the length of this new segment of our partnership because the fintech sector continues to command in Brazil and previous.”

Fintech in Latin The US is a booming funding category, with companies love Nubank skyrocketing to multi-billion-dollar valuations, and accounting for 22% of all Latin American fintech startups.

Because the corporate closes on the new financing, it’s additionally launching a brokerage, that can even enable the corporate to achieve more for its clients, per Tavares. It goes to also additionally allow the corporate to utilize care of more cash for itself because it doesn’t have to work with open air events to achieve trades.

“Our model for digital sources management and wealth creation is some distance more total and sophisticated. The vision is to be a financial recordsdata for our purchasers; making their funding experience more efficient,” Tavares said in an announcement. “A total integration with the broker makes the client’s amble more efficient, more consolidated and total.”

Tavares said Magnetis is additionally making a commitment to transparency round costs.

“We attain no longer receive commissions on the products we point out to clients,” said Tavares, in an announcement. “The asset alternative assignment is finished in a transparent and automated design, and clients pay us an annual consulting payment basically basically based finest on the amount they invest, and no longer per the fast investments. The final result is the choice of high-high quality products which can maybe maybe be more aligned with the customers’ targets.”

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