A passion economy (or Passion Economy) assumes that it is entirely possible to live on passions as a source of income. In the pandemic, this theory gained even more traction. With the advent of online broadcasts, it became simpler to earn money with singing, drawing, yoga and other hobbies classes. And there are those who believe and profit from the idea. It is the example of ChatPay, now Hubla, a Brazilian fintech whose solution facilitates the monetization of content creators through groups in messaging apps.
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In the market for less than two years, Hubla has already conquered a wave of investors. Last year, the startup raised $2.1 million in seed capital with funds from Kaszek Ventures, Kevin Efrusy, Y-Combinator and Big Bets. Now, the same investors have decided to raise the bet, and have concluded a investment of 60 million reais in a series A round announced to the market this Thursday, 25. In addition to former investors, the fund FJ Labs also entered the round.
fintech is the result of the union of Arthur Alvarenga, Bernardo Reis, Breno Oliveira, João Alvarenga and Raphael Capelã, five young entrepreneurs from Minas Gerais who believe that monetizing copyrighted content in messaging applications is (and will continue to be) the most effective way to do it businesses in the economy of passion — even better than resorting to traditional social networks like Facebook and Instagram.
Behind this idea is the creation of restricted communities, in which participation depends on payment for the content offered. “We want creators to achieve autonomy, be owners of their own businesses and put aside their dependence on these networks”, says Arthur Alvarenga, CEO of Hubla.
The capital will be used to create new products in the near future, but it is seen by Hubla above all as proof of a successful business model. “The contribution is a validation that our thesis works and is profitable”, he says. “Our breeders today have profitable communities that grow every month.”
Making the path of this money to the creators’ pockets much more fluid also requires some investments in technological resources. To that end, Hubla offers a payments infrastructure that includes a financial data management system, payments system and integration with chat applications such as WhatsApp and Telegram, but is expected to expand the number of platforms soon. “It is something that we are constantly looking at, and we are excited by the decentralization thesis that has been taking place in the universe of the creative economy as a whole”, he says.
Today the startup has more than 60,000 subscribers and 1,000 active communities. Over the past 12 months, Hubla has multiplied its turnover by six. Without opening values, the startup intends to double this growth in 2022 and increase its creator base tenfold. In addition, it will focus on creating more agile and flexible payment methods.
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