Accion Venture Lab Funds Brazilian Digital Bank Jeitto

Digital challenger bank Jeitto has that it has closed on a new funding round led by Accion Venture Lab, a seed-stage investment initiative of global nonprofit Accion. The amount of funding was not disclosed. Accion was described as a strategic investor with “extensive global investment experience in the industry in which Jeitto operates.”

Founded in 2014, Jeitto is a Brazilian “mobile-first neobank” that provides access to credit, payments, and other financial services to underserved consumers. The Fintech is described as a digital wallet for purchases and payments, with a credit limit, made available in the app in addition to a prepayment function. The Fintech is “transforming people’s financial experience,” by providing a line of credit line to a portion of the population that is underserved by the traditional financial market.

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