Noverde is a mobile-based fintech startup that lends to low-income banked Brazilians who have difficulty securing credit from traditional financial institutions.
Noverde reviews customers’ credit profiles through an online application and deposits approved loans of up to 4,000 rais into customers’ bank accounts, allowing them to repay over 12 months.
The company claims its interest rates are lower than those of traditional lenders. DOMO Invest, a São Paulo-based startup venture fund, led Noverde’s four million reals ($1.2 million) funding round.
DOMO has backed more than 40 Brazilian startups, according to Crunchbase; Noverde is the firm’s first investment from a new R$100 million ($31 million) tech-focused fund.