WEEL, a fintech based in Israel and with pioneering operations in Brazil, is a guest company at WEB SUMMIT 2019 in Lisbon
▪ CEO and founder at WEEL, an on-line receivable prepayment fintech, is one of the speakers invited to the event
▪ Simcha Neumark will highlight the fintech’s challenges and explain why “anger and pain” may be the key to growth
WEEL, a 100% digital receivable prepayment fintech based in Israel and with pioneering operations in Brazil, will attend Web Summit, a leading global event about technological and financial innovation that will take place on November 04-07 in Lisbon, Portugal.
Simcha Neumark, WEEL CEO and founder, is one of the guest speakers at the event. The executive will give the “Feeling the pain: How rage & pain are the key to growth” lecture on Wednesday, November 06th, at 02:42 p.m., local time. During the presentation, Neumark will address his experience at WEEL to illustrate how you can leverage your users’ pain and anger experience to build, align and grow your business.
With more than US$ 44 million in investments over the past five years, WEEL has been recognized by major equity fundraising firms. In 2017, WEEL received US$ 8.5 million from Monashees, a Brazilian venture capital management company with global operations. In 2018, Banco Votorantim, one of the largest Brazilian banks in assets, injected US$ 6 million into the fintech, and Franklin Templeton, one of the main investment management companies in the world, contributed with US$ 30 million to WEEL in 2019. With these investments, WEEL is at the top of B2B fintechs worldwide.
Founded in 2014 to ease the small and medium-sized Brazilian companies’ access to working capital, WEEL is a fintech that anticipates receivables in a simple, easy and affordable way. It was created by the Brazilians Simcha Neumark and Shmuel Kalmus and the American Russell Weiss (all based in Israel) in Tel Aviv, based in Neumark’s life experience.
“For decades, my father was the owner of a small textile factory in São Paulo, Brazil. I saw him losing great business opportunities many times because it was hard to get working capital. In one of them, he needed to start from scratch,” Neumark said.
“I was determined to find a formula so that small and medium-sized Brazilian entrepreneurs – like my father – could get capital to invest in their business growth with no risk or suffering. The answer I found materialized in 2014 with the foundation of WEEL,” added Neumark.
Brazil is the first world economy in which all invoices are issued digitally and following a single standard. “This digital ecosystem provided us with a fertile ground for introducing artificial intelligence into a niche where manual risk analysis and trading processes are still fossilized in many parts of the world,” said the executive.
By making access to working capital more democratic to small and medium enterprises, WEEL allows entrepreneurs to have better conditions to invest in their business and develop them, directly impacting the national economic development. “With this receivable prepayment model, which aims to support cash flow management, we are allied to our customers’ businesses, enabling them to support and enhance their companies’ growth and development,” said Neumark.
How it works
A 100% on-line experience, with fair and individualized operation costs brings a new perspective to the national economy. Through WEEL platform, entrepreneurs can send us their invoices, establish a credit line and have financial resources available on the same day, without taking out long and high interest loans. With its technology, WEEL revolutionizes the traditional receivable prepayment market previously practised only by factoring firms, receivable investment funds and banks.
Through artificial intelligence and big data, WEEL uses information as the main decision engine for its operations. By analyzing up to 15,000 information sources, the platform can understand the profile of the supplier (who requests the prepayment) and the profile of the buyer (who pays the invoice). From signup to deposit in the customer’s bank account, the entire prepayment process takes a few minutes – no bureaucracy.
WEB SUMMIT | LISBON 2019
Panel: “Feeling the pain: How rage & pain are the key to growth”
Date and time: Wednesday, November 06, at 02:42 p.m. (local time)
Auditorium: Growth Summit
Speaker: Simcha Neumark, WEEL CEO and founder
WEEL is the first 100% on-line platform for receivables prepayment in Brazil. Through artificial intelligence, WEEL finances small and medium businesses by making access to capital more democratic. The company was born in Israel in 2014, it operates in Brazil and has offices in both countries. WEEL’s mission is to offer resources at a fair cost and in a simple way to every Brazilian entrepreneur. Visit www.weel.com.br and learn more.
Head of Corporate Communications at WEEL