Vixtra, the Brazilian fintech founded in 2021 by Leonardo Baltieri, Guilherme Rosenthal and Caio Gelfi, closes a US$9.7 million Series A led by Valor Capital, with the participation of Headline, NXTP, Actyus, Bluestone and Simma Capital. The company seeks to become the full-service bank for importers and exporters in Brazil, a market that still operates largely analog, with paper and legacy systems.
The startup was born from the experience of Leonardo Baltieri in investment banking and the 20 years of Guilherme Rosenthal and Caio Gelfi in the foreign trade market. Its proposal combines import management software with banking products such as collateralized credit, currency exchange and working capital, using the data generated by its platform to make more precise credit analysis.
A different credit model
What distinguishes Vixtra from traditional banks is its guarantee model: instead of real estate or promissory notes, the startup allows the use of merchandise in transit as collateral. “We finance 70% of the cargo and use the entire cargo as collateral. If the client defaults, we detain their merchandise at the port itself and sell it to another importer in our base,” explained Guilherme Rosenthal, co-founder of the company.
Thanks to this scheme, Vixtra maintains very low delinquencies and has managed to lend to more than 200 importers, with a portfolio of US$48 million and an average operating term of 90 days, which implies an annualized volume of US$193 million. ARR reached US$12 million last month, growing 2.5x year-over-year.
Stablecoins and banking expansion
With the new resources, Vixtra will aim to double or triple its rate of client incorporation, going from 10 new clients per month to between 20 and 30. In technology, short-term investments will focus on three products that already have beta versions: currency exchange with stablecoin, loans with stablecoin and a global account.
In the medium term, the company plans to add insurance and exchange coverage to complete its offer. “Our idea is to transform ourselves into a complete bank for the importer and exporter,” said Rosenthal.
