NVA Capital and Vectis invested $9M in Uruguayan Fintech UY3

Uruguayan fintech, UY3 has secured R$50 million in funding to accelerate its expansion plans and consolidate its position in the growing credit-as-a-service market. The round was backed by two investment firms with deep financial sector experience: NVA Capital and Vectis.

A fintech pushing credit decentralization in Brazil

Founded three years ago by three Uruguayan brothers, UY3 was created to decentralize credit access in Brazil. Tabaré, Querandy, and Caracé Acosta bring decades of experience in finance and technology. While Tabaré and Querandy led the securitization firm Grupo Plata, focused on FIDCs, Caracé now leads the startup’s tech infrastructure as CTO.

With UY3, they aim to enable fintechs, banking correspondents, and retailers to offer credit directly to their customers using the company’s licenses and technological infrastructure.

Backing from experienced financial firms

The R$50 million round was led by NVA Capital, founded by former XP partners, and Vectis, created by Patrick O'Grady and André Sá, both with backgrounds in firms like Pactual, Pollux, XP, and BTG. Both funds primarily invest proprietary capital from their founding partners, signaling long-term strategic alignment.

Full-service credit offering and growing client base

UY3 currently works with around 300 active clients and processed R$5 billion in credit in 2024. Its offering includes personal loans, payroll loans, buy now, pay later, and FGTS-backed credit, currently its largest market.

For 2025, the startup projects tripling its credit volume, reaching R$15 billion in total transactions.

An opportunity in a still-concentrated market

Despite the growth of Brazil’s fintech ecosystem, credit remains highly concentrated: the country’s four largest banks still control around 60% of the market. According to Tabaré Acosta, although there are about 1,500 fintechs in Brazil, only 250 offer credit products.

This is why UY3 is focusing on three strategic segments: fintechs, banking correspondents, and the embedded finance market (such as retailers, universities, and hospitals looking to offer credit directly).

Investment will go to talent and technology

The capital raised will not be used for regulatory capital, as the company has been cash flow positive and has grown its equity base without external injections. According to the founder, the funds will primarily be used to hire C-level executives and strengthen the tech infrastructure supporting their credit-as-a-service platform.