Almost two years after securing $20 million in Series A funding, B2B financial solutions startup Simetrik is back with additional investment worth $55 million in Series B funding.
The Colombia-based company develops financial automation technology focused on record centralization, reconciliation, management, reporting, and accounting. What sets us apart is Simetrik Building Blocks (SBB), a scalable and adaptable concept based on no-code development and generative AI technology.
Santiago Gomez, Simetrik co-founder and chief operating officer (COO), told TechCrunch that “a lot of things, including financial flows and a lot of other things that are currently done manually, need to be done in the CFO's office. “There's a lot of control and automation.” “We've never had an approach like this before. We had an orchestration platform, but we left that behind and now he specializes in software for CFOs.”
Goldman Sachs Asset Management led the investment, with Series A lead FinTech Collective, seed investors Cometa, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and co-founders of Vtex. Participated.
This new capital brings Simetrik to more than $85 million in total venture-backed investment to date. Previously, when we introduced Simetrik in 2022, the company was valued at over $100 million. The new round is considered an “up round,” but co-founders Alejandro Casas and Santiago Gomez declined to say how much.
Over the past two years, the company has grown from 10 countries to having customers in more than 35 countries and monitoring more than 200 million records every day. Previously he had 70 million records per day. Revenue has also increased 4x since the Series A.
Alejandro Casas and Santiago Gómez, co-founders of Simetrik. Image credits: Symetric
In addition to fast-growing Latin American companies such as Rappi, Mercado Libre, Nubank, Oxxo, and PayU, the company works with PagSegro, Falabella, and Itaú, and has partnered with companies including Deloitte. Simetrik has also expanded its footprint in Asia, including India and Singapore.
The new funding will be used to further develop Simetrik building blocks, enhance AI capabilities, and continue to expand Simetrik's international reach.
“Fintech and fintech products and services are exploding, and not only startups but also banks and institutions are getting into these products,” said Simetrik co-founder and CEO ( CEO Alejandro Casas told TechCrunch. “They have more reports and tons of records, but they still use manual processes. They need a new approach, and that’s where our components become a strong element in the product market. I have it.”