Brazil’s Franq banking services startup receives RS$20 million investment

RIO DE JANEIRO, BRAZIL – Banking services advisory startup Franq on Wednesday, June 16, announced it has received a R$20 (US$3.9) million investment led by venture capital fund Valor Capital.

Founded in Florianópolis (SC) in 2019 by former bank executives, the startup employs ex-banker staff who act as a kind of financial services brokers, focusing on middle- and high-income customers.

“To achieve this goal, most of this investment will be directed to technology and staff, which will allow enhancing the operational part,” said Franq’s CEO Paulo Silva.

Currently, Franq has some 1,800 independent agents and plans to increase this number to 12,000 by the end of the year.

Each ‘personal banker’ has a digital store on the platform, with products from institutions such as Itaú Unibanco (ITUB4), Santander (SANB11), Creditas, Porto Seguro (PSSA3), BS2, Stone, Sodexo, and Icatu Seguros.

Clients are offered an average of 3 institutions for each type of product.

Institutions pay freelancers on products sold and a share of this amount is retained by Franq, exempting end clients from charged fees.

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