B2B financial solutions firm Simetrik raised $55 million in Series B financing over two years after raising $20 million in Series A.
Financial automation technology for record centralization, reconciliations, controls, reporting, and accounting is being developed in Colombia. Simetrik Building Blocks (SBBs), scalable and flexible ideas based on no-code development and generative AI technologies, distinguish them.
“There are a number of controls and automations that need to be done in the CFO’s office, including financial flows and many others that are currently run manually,” Santiago Gómez, Simetrik co-founder and COO, told Eltrys. Never before has this technique existed. We abandoned an orchestration platform and now make CFO software.”
FinTech Collective, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and Vtex’s co-founders invested with Goldman Sachs Asset Management.
Simetrik now has over $85 million in venture-backed financing. We featured Simetrik in 2022, when its value was around $100 million. This is an “up round,” but co-founders Alejandro Casas and Santiago Gómez won’t specify how much.
Within two years, the firm expanded from 10 to 35 nations and monitors over 200 million records daily. The previous daily record count was 70 million. Four times more revenue since Series A.
Along with Latin American growing companies like Rappi, Mercado Libre, Nubank, Oxxo, and PayU, the business collaborates with PagSeguro, Falabella, Itaú, and Deloitte. Simetrik was extended to India and Singapore in Asia.
The additional funding will develop Simetrik Building Blocks, improve AI, and grow internationally.
Simetrik co-founder and CEO Alejandro Casas told Eltrys, “There is an explosion of fintechs and fintech products and services, not only with startups, but also banks and institutions are getting into these products.” “Despite having more reports and records, they use manual processes. They require a fresh strategy, and our building pieces have a strong product market piece.”
