Foley & Lardner LLP recently represented Brazilian fintech startup Marvin in its $15 million Series A financing. The round was led by Canaan Partners and included Canary and Mauá Capital, and included new angel investors Carlos Selonke (CIO of Revolut), Juan Pablo Ortega (co-founder of Rappi), Israel Salmén (co-creator of Méliuz), Lucas Amoroso (founder of Lupa Capital), and Doug Scherrer (former CFO of Nubank).
Founded in 2020, Marvin is a B2B payments platform that is reimagining credit card receivables in Brazil. In June 2021, the Brazilian Central Bank implemented a new framework for receivables, and Marvin was the first startup to take advantage of this new market with a “registration-as-a-service” platform that allows SMBs to pay their suppliers using their own credit card receivables.
Marvin’s long-term goal is to have 1 million POS (points of sale) using its solution, with a short-term goal of being present in at least 25,000 POSs by the end of 2022. The new resources will be primarily used to attract top talent and executives.
The Foley team was led by Partner André Thiollier and included Associate Cayman Weimer.