Brazilian B2B payments startup TruePay has secured $32m investment in a Series A round led by Addition.

The funding will support the company’s plan to invest in its team and support product development as it seeks to grow tenfold by the end of next year.

Founded in December 2020, TruePay focuses on small and medium sized retailers.

The firm offers its merchant base in Brazil cost-free access to credit card receivables that can be used to purchase from suppliers.

TruePay CEO and co-founder Pedro Oliveira said: “We are very happy to have the trust of some of the best investors in the world as well as the super talented people that we were able to bring on board. A raise like this is a symbol of the impact TruePay will make in the market by delivering free credit to millions of merchants in Brazil.”

TruePay COO and co-founder Luis Cascão added: “The largest portion of this round will be used to further attract and develop talent in Brazil and elsewhere.”

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TruePay is currently in the process of building a B2B BNPL network.

This offering aims to enable industries to grant credit without risk exposure while allowing buyers to access credit at no cost.

Addition founder Lee Fixel said: “The strength of TruePay’s solution lies in the convergence of a real and untapped need amongst retailers to unlock credit and free up working capital, a large addressable market and a talented team.

“We look forward to supporting the company as it continues to develop its innovative, convenient and low-cost payment technology.”

Earlier this year, Brazilian mobile payments platform RecargaPay raked in $70m in a Series C round to improve its all-in-one payment platform.

Recently, UK-based open payments gateway Volt expanded its footprint to Brazil and integrated Pix, Brazil’s domestic instant payments network, on to its platform.