Morrison & Foerster advised SoftBank Latin America Fund in connection with a Series D funding round in Open Co, a Brazilian consumer credit company.
Open Co was founded in 2021 through the merger of Geru, an online lending platform, and Rebel, a startup using artificial intelligence and bank account data to underwrite risk and assess clients’ financial health. Its aim is to finance consumption for Brazilians in a healthy way, providing clients with access to credit and tools that are designed to improve their financial lives, with rates lower than those of traditional banks. Open Co will use the new capital for significant investments in technology and product development.
The MoFo team advising SoftBank Latin America Fund on the deal was led by Miami-based Latin America Desk co-chair Randy Bullard, together with corporate partner Juan Delgado, associate Axel Miranda, and London of counsel Jennifer Buckby.