Brazilian fintech IDwall is called by some entrepreneurs as “The new Brazilian Serasa”. The company (Serasa) acquired by Experian in 2007 is one of leaders in banking-owned credit bureau in Brazil. BoaVista SPC, a holding formed by Boa Vista Serviços and Equifax (acquired in 2011), is another company ruling this game. These two established companies are playing a billion-dollar game, where is IDwall is starting draw attention.
No doubts: data tech is the future of financial system.
In this wave, a data fintech startup is starting a good journey in the Brazilian duopoly credit system environment. Not only in credit, but in background check, Id verification, KYC (know your customer) and due diligence solutions. This is the focus and dream of the startup IDwall. Founded by three engineers, the company is based in Sao Paulo but has also expanded to Mountain View. The startup just announced the second investment (U$150K) coming from 500Startups, a Silicon Valley accelerator. Two founders are in 500Startups’ office for a special program to to achieve optimum development of their business and platforms.
Heavy angel investors and Silicon Valley
Bedy Yang, one of the 500Startups partners, said: “while young, the founders have great market knowledge and experience: they have acted in the financial sector and have already undertaken, which is very important, since past failures have seen learning and shortcuts to success.”
Before that, the IDwall founders completed an angel round with strategic investors, both from the financial environment in Brazil and successful internet entrepreneurs. Executives and entrepreneurs from Google, Netflix, Vindi, Caelum, Kekanto, Parafuzo and others, were part of this first round (U$75K). Dorival Dourado, former president of Boa Vista SPC and Serasa Experian ex-director, is in the board too. Why are they seeing?
First, there are many opportunities for growth. Digital banks, “new borning fintechs” and all financial revolutions are supporting startups like IDwall. Second, the game is in change in all segments pressured by high technologies – especially in Brazil, which is seeing the emergence of new banks and super fintechs.
Not bad to a startup founded in last June – only five months of life.