Brazilian open banking fintech Franq raises $12 million

Franq, a Brazilian open banking startup has raised $12 million in a funding round led by Quona Capital, a VC firm focused on fintechs in emerging markets.

• Launched in 2019 by Paulo Silva, Franq operates by matching “personal bankers” with up to 50 financial institutions – banks and fintech companies.
• Through Franq’s platform, each self-employed bank agent sets up their professional page, a kind of “virtual store” in which they offer the catalogue of financial products and services of partner institutions.
• Franq has a total customer base of 20,000 customers. 70% of Franq’s clients are individuals, while companies represent 30% of the clients.
• CEO of Franq, Paulo Silva, who's a former bank executive, said he launched Franq because he kept receiving resumes from financial professionals looking for jobs and, on the other hand, he saw a need for people looking for financial products and consulting services.
• Other participants in the round include Globo Ventures, Broadhaven Capital, and Valor Capital Group, a VC that specializes in building bridges between Brazil and the U.S.
• Valor Capital also led Franq's $20 million Series A round last year. This new funding which is an extension of the startup's $20 million Series A round last year, will be used to improve its technology and hire more talent.