Brazil credit fintech TerraMagna raises $40 mln

TerraMagna, a Brazilian rural lending fintech, announced on Wednesday that it had raised $40 million in a debt and equity fundraising round led by SoftBank Latin America Fund to grow its regional presence and diversify its product offering.

SoftBank is investing in a company with farming-related activities for the first time, according to TerraMagna. The deal included existing investors as well as Shift Capital and Milenio Capital, according to the company.

Last year, the lender’s loan portfolio totaled $120 million, more than ten times what it was in 2020.

TerraMagna, which provides loans to small and medium-sized farmers through collaborations with distributors and enterprises that already have a long-term local relationship with them, did not disclose its valuation.

It has previously secured $2.2 million from ONEVC, MAYA Capital, Accion Venture Lab, The Yield Lab, and Canary in a round led by them.