RIO DE JANEIRO, BRAZIL - Brazil's PayHop announced that it received a R$11.5 (US$2.2) million investment round led by Serasa Experian's investment arm. The round also included contributions from Domo Invest and Citrino Gestão.
PayHop entered the market as a result of the Central Bank of Brazil's new rule that changed the regulations for the registration and negotiation of card receivables in June last year. This allowed retailers to use credit card receivables as collateral, without having to pay upfront fees. In addition to PayHop, Brazilian fintech TruePay also emerged as a result . . .