Rebel, a consumer finance start-up in Brazil, has raised $10m in a new equity funding round.

Monashees and FinTech Collective, a New York-based venture capital fund, participated in the latest round.

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The latest fundraising comes a year after Rebel secured $4m from XP and other backers.

Founded in 2017, Rebel provides no personal guarantee credit at low interest rates by assessing the applicant’s financial behaviour.

It provides credit from BRL1,000 ($237.22) to BRL25,000 with a term of up to 24 months.

Rebel CEO, Rafael Pereira, said: “We want to offer democratic and accessible credit products. When put to good use, they can be an extremely beneficial tool in people’s lives.

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“Traditional banks claim that credit in Brazil is expensive because of delinquency rates; but in reality delinquency is high because the country has the highest interest rates in the world.

“It is a perverse and vicious cycle, and a difficult one to overturn. That’s why we are rebels: our goal is to break up with this loop and start a new and virtuous cycle.”

With the new proceeds, the Brazilian fintech seeks to bolster its cash reserves as well as support technological research.

Rebel seeks to improve its product portfolio and distribution channels to bolster its customer base.

FinTech Collective principal Sean Lippel said: “We believe that Rebel has the opportunity to not only repair the broken $100bn unsecured consumer credit market in Brazil, but also expand the availability of credit in the country by changing the way Brazilians relate to their personal finances.”

Earlier, FinTech Collective has made similar investment in US-based digital bank MoneyLion.