Wednesday
August 28
2024

Lux Capital Made Its First Investment in Brazil, a $4 Million Seed for AI Fintech Magie

By Margaux MacColl

Brazil fintech Magie raised $4 million in a seed round led by Lux Capital, marking the firm’s first investment in Brazil. The company, which has raised $5.1 million in total, is creating an AI-powered financial assistant. The current product allows people to send money and pay bills through WhatsApp.

For co-founder Luiz Ramalho and Lux partner Brandon Reeves, Magie is a broader bet on Brazil’s burgeoning fintech scene, which has been fueled by the massive success of Nubank, the Brazilian neobank that had a blockbuster IPO in 2021.

Photo courtesy of Victor Camilo.

Source: TechCrunch (link opens in a new window)

Categories
Technology
Tags
artificial intelligence, financial inclusion, fintech