With around one million customers across Brazil and a new round of financing, the Pitzi mobile phone insurer is now worth $ 100 million.
The last round, led by QED investors and including the commitments of existing investors such as Thrive Capital and Valiant Partners, has not been revealed.
PItzi is a reseller of insurance companies offering mobile insurance products throughout Brazil. Founded in 2012, the company offers mobile phone insurance offers in the right place at the right time, as low-cost phones burst onto the market of the most populous country in Latin America.
Previously, Pitzi raised $ 20 million from investors such as Thrive, Kaszek Ventures, Flybridge and DCM. Despite the success of the company, mobile phone insurance in Brazil is 4%, against more than 40% worldwide. This is despite the fact that there are more than 200 million phones in Brazil alone.
“Today, only 4% of smartphones are protected here, but we will be moving towards 90% in the coming years and using these phones to bring even more transformation into space,” said Daniel Hatkoff, founder and CEO of Pitzi. an interview statement.
QED Investors’ investment makes Pitzi a very good company for Latin American startups specializing in financial technology. Other Latin American investments in the company’s portfolio include the creation of a multi-billion dollar credit card, Nubank; the personal finance provider, Creditas; the commercial lender Konfio; and the rental finance company Quinto Andar.
As a result of this investment, Bill Cilluffo, former President of Capital One International and QED General Partner, will serve on the Corporation’s Board of Directors following a declaration.
For Hatkoff, the mobile phone is a window on other insurance products and services, as this device has transformed so much experience for the emerging Brazilian middle class.
“In Brazil, the smartphone will undergo a profound transformation that will allow the emerging middle class to make its appearance and do things unimaginable,” said Hatkoff. “As market leaders, we at Pitzi are obsessed with giving Brazilian consumers the power to use their phones more efficiently.The protection of mobile phones is just the beginning.”
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