Brazilian digital brokerage firm Warren has raked in BRL120m ($22.2m) Series B funding round to enhance customer experience on its platform.

The funding round was led by QED Investors and joined by existing backers Kaszek Ventures, Chromo Invest and Ribbit.

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Other investors such as MeLi, WPA and Quartz also participated in the funding round.

In its Series A financing round last year, Warren secured BRL25m investment.

The Porto Alegre-based broker will use the fresh capital to hire staff and recruit 80 additional collaborators by the end of 2020 to expand its platform’s reach.

The firm will also use the infusion to roll out new solutions for its Warren for Business platform that offers insurance, private pension plans and financial planning services to its partners.

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Warren CEO Tito Gusmao said: “We will continue to provide the best investment experience in a system that is fully aligned to investors’ interests, a subject that has gained increased importance in recent months.

“We currently have more than 200 partners connected, and our goal is to double that number and reach 400 by December.

“To do that, we will increase our offering of products and services such as insurance, private pension plans and financial planning.”

Founded in 2017, Warren has onboarded 130,000 clients on its platform, which offers as many as 400 products, and has registered BRL2bn in managed assets.

It charges a flat fee on assets under management (AUM) with no hidden fees or commissions.

The company has increased its employee base by 30% since its launch.