GuiaBolso is changing the way Brazilians manage their personal finances. Recently the economic growth and increase in personal wealth enjoyed by Brazil’s 200 million, has taken a turn for the worse. In response GuiaBolso has created a platform that aggregates people’s financial information so they can better understand their finances and keep track of budgets.
How they’re disrupting
To make life a little easier, GuiaBolso automates the importing and categorising of transactions from users’ bank account and credit cards. With over 2 million downloads it’s reported that users of the app are, on average, improving their financial health by 15% and saving more than double what they used to.
With over 59 million Brazilians currently in debt, GuiaBolso has the potential to transform the lives of millions.
Investments and future
The investments started with a $1 million seed round in 2013, followed by a $3 million Series A in 2014 and most recently $7 million from a group of US and Latin American VCs including Ribbit Capital, Omidyar Network and Kaszek Ventures. The funds from this latest round will be used to further accelerate growth, with the goal of reaching five million users by the end of 2016.