Brazilian receivables exchange Cerc revealed on Thursday that the state investor of Abu Dhabi, Mubadala Capital LLC, will be leading a funding round of up to 550 million reals ($106.6 million).
Cerc confirmed Mubadala’s interest in the investment, first reported by a Brazilian news website, which it said was still pending regulatory approval.
Earlier this year, Reuters reported that Cerc was in talks with venture capital funds for a $100 million investment as a step towards an initial public offering (IPO).
Founded in 2015, Cerc’s initial focus had been to provide an online platform for factoring deals, acting as an alternative to notaries, to help the owners of the receivables use them as collateral to get cheaper credit.
An inquiry for comment was not immediately answered by Mubadala.
($1 = 5.2100 reais)
