Foley & Lardner LLP represented Iporanga Ventures in its investment in the Brazilian open banking startup Klavi. The $15 million funding round was co-led by Parallax Ventures and included Vivo Ventures and GSR Ventures.

Founded in 2020, Klavi is the pioneer in generating insights from the Open Finance data in Brazil. The company’s target audience is financial and non-financial institutions that need a solution for the portability of open banking information and data processing.

The startup expects to grow its base to more than 100 active customers by the end of 2022 and reach more than 500 by December 2023. Klavi will use the funds to strengthen its technology area in innovations in its B2B services and data processing sector.

The Foley team was led by Partner André Thiollier and included Associates Ashley Youn-Jae Lee and Talita Guedes Duarte.