Singapore’s GIC leads US$55 million funding round in Brazil fintech Warren

RIO DE JANEIRO, BRAZIL – Singapore’s sovereign wealth fund GIC is leading a R$300 million (US$54.95 million) funding round in Brazilian financial startup Warren, the company said on Wednesday.

Existing investors such as Ribbit, Kaszek and Quartz also participated in this new round. In total, Warren has raised R$445 million in three funding rounds.

The company said in a statement it will use the proceeds to invest in its technology area and it was also considering acquisitions.

Warren, founded by former XP Inc’s partners in 2017, is a brokerage and asset manager which charges clients a flat fee. It plans to double its assets under management to 10 billion reais this year.

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