Colombian payment infra startup Simetrik lands $20M Series A at a $100M+ valuation – TechCrunch

Infrastructure startups continue to attract venture capital around the world, particularly from payment infrastructure providers. Even no-code remains undecided. A startup that is a mix of both is located in Bogota, Colombia simetricwhich has just raised $20 million in a Series A funding round with a valuation “north of $100 million.”

The startup says its infrastructure offers “greater control and transparency” over a company’s financial transactions by automating reconciliation through a no-code offering. In other words, says co-founder and COO Santiago Gomez, the company’s software automates reconciliation for finance teams that have high volumes of transactions and reports. It works by matching this financial information with the aim of providing “real-time visibility, traceability and sanitized information” for their finances.

“What makes us better than the competition is that it’s delivered as a service, where finance teams configure a big data backend with a spreadsheet-like interface independently of tech teams,” Gomez told TechCrunch.

The startup was founded in 2019 after a pivot of an e-commerce company called Ropeo, which emerged from Y Combinator’s Winter 2018 cohort. The company has grown 20% month-on-month for the past year and expects to end the year with about $10 million in annual recurring revenue Co-founder and CEO Alejandro Casas.

“We invest over 45% of our sales and funds in product development,” he said.

Simetrik recently started offering a payment method orchestrator that allows payment service providers to connect directly to different payment methods. This has the potential to save companies months of work and thousands of dollars in investments, according to Gomez.

“As the landscape of payment methods becomes more saturated and complex — from the proliferation of BNPL, issuers, wallets and loyalty programs to crypto wallets and cash networks — payment orchestrators like Simetrik will be key to money movement and data books,” Gomez said.

In the past two years since its inception, the startup claims to have matched $75 billion in TPV (total portfolio value) per year. Today it has 45 clients in 10 countries and processes transactions in 25 countries. Clients include a number of high growth Latin American companies such as Rappi, Mercado Libre, Bancolombia, Clip, Ualá, DLocal, Nubank, Oxxo and Payu. It also recently acquired South Korea’s Chai Payments as a customer.

“The experience from working closely with payment and fintech companies has shaped us recognize that there are still many obstacles for companies that use many different ones types of payment methods to meet the increasing demand,” said Casas. “We’ll see soon Growth in payment methods on a global scale with new companies hit the market every day.”

New York City-based FinTech Collective led the Series A funding, which also included Tiger Global and Moore Capital existing supporters such as Cometa (who led the company’s seed round) and Monashees. Several angel investors, including – but not limited to – Addi CEO Santiago Suarez and Jason Pate, head of corporate strategy and development at Plaid, have also pledged money to the round.

In addition to the $20 million in equity, Simetrik also secured $4 million in venture capital. In total, the company has raised $29.3 million in equity and debt since its inception.

Carlos Alonso Torras, a director at FinTech Collective and the firm’s head of emerging markets, said his firm was drawn to the team’s “focus and tenacity.”

“The matching technology already deployed by the company effectively complements its vision to build a payment orchestration platform. Simetrik is uniquely positioned to build the latter from such a vantage point, while having a deep understanding of the operational needs and processes of the leading tech players in LatAm,” Torras told TechCrunch. “That’s aside from the no-code solution’s actual ability to automate reconciliation, which addresses a fundamental pain point in a region that’s going digital at breakneck speed.”

“Simetrik has laid a foundation to aggressively scale beyond Latin America,” he added.

For his part, Cometa said, “Simetrik is revolutionizing the way Latin America’s super apps, top banks and retailers reconcile statement transactions and add payments to company books.”

The company says it will use part of its new capital to hire employees. A year ago it had 72 employees. It currently has nearly 200 employees and plans to hire 100 more worldwide. There are also plans to use the funds to further develop Orchestrator and expand into EMEA and APAC.

Colombian payment infra startup Simetrik lands $20M Series A at a $100M+ valuation – TechCrunch Source link Colombian payment infra startup Simetrik lands $20M Series A at a $100M+ valuation – TechCrunch

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