RIO DE JANEIRO BRAZIL – The startup works with companies that want to improve the lives of their employees, supporting them right where their relationship with money begins: helping people understand their salary, benefits, and financial profile so they can make financial decisions with confidence.
To strengthen its operations in Brazil, which began in June of this year, the company has just completed a US$3.6 million seed round led by U.S. fund Valor Capital Group.
Quansa offers to help employees of large companies better manage their finances without necessarily offering credit.
As a first step, the fintech works with a digital model to map each person’s financial situation and budget goals through an app to create an action plan.
The startup does not sell loan products in its plans, but it can identify financing options for customers if needed. The only proprietary financial solution it offers is the ability for workers to advance their salary for days worked during the month at no additional cost.
Quansa was created by Portuguese Mafalda Barros and Uruguayan Gonzalo Blanco with the Brazilian market in mind.
According to IBGE, today, 68 million Brazilians are earning up to R$2,300 (US$450) per month, and have some form of financial difficulty paying their bills and getting out of debt.
According to a survey conducted this year by the consulting firm PwC, finances are the biggest cause of stress among corporate employees, surpassing job, health, and relationship worries.
Six out of ten employees with work authorization said that fears about accounts increased with the pandemic.
The reflexes are clear: 45% of respondents say finances distract them at work, 57% have avoided addressing a medical issue because it was too expensive, and 72% would be attracted to a company that cares more about their financial health.
Quansa began operations in September 2020. Since the entrepreneurs lived in Chile, that country was chosen for the initial testing. According to the startup, after raising US$3.6 million, it is focusing almost entirely on the Brazilian market.