Colombian payment infrastructure startup Simetrik lands $20 million Series A at $100 million valuation – thenewsupdate

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Infrastructure startups continue to attract venture dollars worldwide, especially in the case of payment infrastructure providers. No-code also remains a draw. A startup that is a mix of the two can be found in Bogota, Colombia Simetricwhich just raised $20 million in a Series A funding round at a valuation “north of $100 million.”

The startup says its infrastructure provides “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 a large number of transactions and reports. It works by reconciling that financial information with the goal of providing “real-time visibility, traceability, and sanitized information” to their finances.

“What makes us better than competitors is the fact that it’s offered as a service, where finance teams are independent from engineering teams in configuring a big data backend with a spreadsheet-like interface,” Gomez told thenewsupdate.

The startup was founded in 2019 after a linchpin of an e-commerce company called Ropeo that emerged from Y Combinator’s Winter 2018 cohort. It has grown 20% monthly for the past year and expects to close the year with about $10 million in annual recurring revenue, according to co-founder and CEO Alejandro Casas

“We invest more than 45% of our revenues and funding in developing products,” he said.

Simetrik recently started offering a payment method orchestrator, which allows payment service companies to connect directly to various payment methods. This could save the companies months of work and thousands of dollars in investment, Gomez said.

“As the payment method landscape becomes more saturated and complex — from the proliferation of BNPL, issuers, wallets and loyalty programs to crypto wallets and money networks — payment agents like Simetrik will hold the key to money movements and data ledgers,” Gomez said.

In the past two years since launch, the startup says it has reconciled $75 billion in TPV (total portfolio value) per year. Today, it has 45 customers in 10 countries and processes transactions in 25 countries. Clients include a number of fast-growing Latin American entities such as Rappi, Mercado Libre, Bancolombia, Clip, Ualá, DLocal, Nubank, Oxxo and Payu. It also recently brought Chai Payments as a customer from South Korea.

“The experience of working closely with payment and fintech companies made us realize that there are still many obstacles for companies operating many different types of payment methods to meet the increasing demand,” said Casas. “We see fast growth in the payment method space at a global level, with new businesses comes on the market every day.”

New York City-based FinTech Collective led Series A financing, which also included participation from Tiger Global and Moore Capital, along with existing donors 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 thrown in money.

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

Carlos Alonso Torras, director of FinTech Collective and head of the emerging markets company, said his company was attracted by the team’s “focus and tenacity”.

“The reconciliation technology already deployed by the company is a powerful addition to 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 LatAm’s top tech players,” Torras told thenewsupdate. code solution to automate reconciliation, addressing a fundamental pain point in a region that is digitizing at breakneck speed.”

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

For its part, Cometa said that “Simetrik is revolutionizing the way Latin America’s super apps, top banks and retailers reconcile bank statement transactions and add payments to corporate ledgers.”

The company says it will use some of its new capital for staffing. A year ago it had 72 employees. It currently has nearly 200 employees, with plans to hire an additional 100 employees worldwide. It also plans to spend the money on further developing the orchestrator and expanding into EMEA and APAC.

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