Brazilian fintech Marven raises $15m

Canaan has invested in Marvin, a B2B payments platform in Brazil that is rethinking credit card receivables. The Brazilian Central Bank launched a new receivables framework in June, completely upending the Brazilian fintech industry.

With a “registration-as-a-service” platform that allows SMBs to pay their suppliers using their own credit card receivables, Marvin was the first firm to capitalise on this new industry.

Canaan, along with current investors Canary and Maa Capital, led a $15 million Series A, making it the company’s largest investment in Latin America to date.

Regulatory reform always creates the most potential for emerging fintechs around the world. The Durbin Amendment to the Dodd-Frank Act paved the stage for a new generation of consumer fintechs to take market share from incumbent banks in the United States.

PSD2 gave birth to open banking behemoths like Tink and Truelayer across Europe. When the exclusivity between card networks and merchant acquirers ended in Brazil, André Street founded Stone, which is today one of the world’s most valuable payments technology companies.