Brazilian Fintech Marvin Lands Series-A of $15 Million Backed by American Early Venture Capital Canaan

The round was followed by investment funds Canary and Mauá Capital which are early investors in the startup

Brazilian Fintech Marvin lands Series-A of $15 million led by American early venture capital fund Canaan, which has more than 70 IPOs and 140 plus M&A exists on its track record. The deal, announced today, was joined by Investment funds Canary and Mauá Capital.

Marvin was founded in 2020 by Henrique Echenique and Bernardo Vale and is poised to revolutionize the credit card receivables market by using the credit generated in credit card transaction payment terminals or POS as collateral for companies and retailers’ working capital and short term loans, so as to finance the their businesses.

The startup cap table counts with experienced investors in the financial market, among them the likes of Carlos Selonke, CIO of Revolut, Juan Pablo Ortega, co-founder of Colombia’s unicorn Rappi, Israel Salmén, founder of fintech Méliuz, Doug Scherrer, former CFO of Nubank and Lucas Amoroso, founder of Lupa Capital.

The future for fintech Marvin after landing its Series-A equity finance

For founder Bernardo Vale the main advantage for retailers is the by-pass on the anticipation fees charged by POS operators, which today charge about 4% per transaction. Marvin does not charge a dime from the point of sales as these costs are borne by the contracting company and not by the retailer.

As Fintech Marvin lands its Series-A, the company plans to use the funds to attract new talent and expand the Marvin payment system throughout the country.

Despite the strong correction currently going on in financial markets, Marvin has attracted heavy weight investors to its turf as proof that the startup business model will payoff big in the future.

The Esquires and the Firms Behind the Deal

Foley & Lardner LLP acted as U.S. and international legal counsel to Marvin. 

The author of  Latin America’s Investment Boom and the Pitfalls of American Jurisdiction, Silicon Valley partner and Latin America specialist,  Andre Thiollier, represented Marvin, and led the Foley’s legal deal transaction team structuring the U.S. and international aspects of the transaction with contribution among others from Cayman Weimer, Nicholas Fletcher and Alex Hernandez. 

The Am Law 50 and Chambers Global Foley & Lardner is a US-based full service global law firm with over 26 offices around the globe.

In 2021 the firm made a major leap into the M&A Venture capital services from its Palo Alto and San Francisco offices, which has placed it as one of the top U.S. firms servicing Latin America, and specially Brazil, today.

Gunderson Dettmer acted as legal counsel to the investment fund Canaan. 

The Gunderson deal team was led by partner Christel H. Moreno and associates Carolina Zanolo and Priscila Park.

Gunderson Dettmer is a full service law firm with nine offices around the globe. The firm is highly recognized as a top U.S. law firm for its work in Latin America.

Pinheiro Neto Advogados acted as Brazilian legal counsel to Canaan. 

Pinheiro Neto is one the most traditional full service law firms of Brazil. Pinheiro Neto is headquartered in São Paulo with offices in Rio de Janeiro, Brasilia, Palo Alto and Tokyo