Insider Brief
- Simetrik, a Colombian financial solutions platform, raises $55 million in Series B funding led by Goldman Sachs, with participation from prior and new investors to enhance global financial sector services.
- The company plans to use the funds to further develop its Simetrik Building Blocks (SBBs) utilizing no-code and generative AI technologies for financial task automation, aiming to expand AI capabilities.
- With a client base including PayU and Mercado Libre and operations in over 35 countries, Simetrik seeks to extend its international reach, targeting major payment companies and marketplaces globally.
PRESS RELEASE —Bogotá, Colombia/February 22, 2024 — Simetrik, a B2B financial solutions platform founded in 2019 in Colombia, announces a $55-million Series B funding round led by Growth Equity at Goldman Sachs Asset Management (Goldman Sachs). Other investors joining this round include FinTech Collective, which led the Series A, and Cometa, who led the seed round, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and the co-founders of Vtex.
“This funding marks a pivotal step for Simetrik in reinforcing its role in the rapidly transforming financial sector and expanding its global reach,” says Alejandro Casas, Co-founder and CEO of Simetrik.
Simetrik has developed intuitive solutions to simplify and automate key financial tasks like record centralization, reconciliations, controls, reporting, and accounting. Its products are based on Simetrik Building Blocks (SBBs), a scalable, adaptable, and intuitive concept based on no-code development and generative AI technologies. Tailored to the dynamic needs of CFOs and their teams, these SBBs are set to further evolve with the Series B funding, enhancing their AI capabilities and reinforcing Simetrik’s dedication to advancing these solutions.
“This funding enables us to elevate our SBBs, integrating more advanced and secure AI to deliver unparalleled financial automation solutions,” Santiago Gómez, Co-founder and COO of Simetrik, said.
Simetrik clients base includes large companies such as PayU, Mercado Libre, Rappi, PagSeguro, Falabella, Oxxo, Itaú, and Nubank, and partnerships with leading firms like Deloitte.
The company’s global footprint spans over 35 countries, monitoring over 200 million records daily, including in key Asian markets such as India and Singapore. Simetrik intends to use funds from this Series B to help expand its international reach, targeting major payment companies and consumer marketplaces worldwide.
“Financial automation is a thriving industry worldwide, and we were impressed by Simetrik’s solutions. We believe this investment will allow it to expand even further through the Latin American market and beyond. We are thrilled to lead this Series B round,” said Natan Reinig, Vice President in Growth Equity at Goldman Sachs Asset Management .
Current investors have also expressed their confidence in Simetrik’s growth over the recent years and are optimistic about the prospective advancements this new infusion of capital will facilitate.
Carlos Torras, a partner at FinTech Collective, said: “Over the last two years, Simetrik has undergone a remarkable transformation, substantially growing its product offer, sales efficiency, geographic coverage, and strategic sophistication. Armed with a loyal and highly motivated team, it is uniquely positioned to revolutionize enterprise financial operations, arguably at a global level. The plan is both ambitious and complex, but we believe in the company’s ability to continue redefining expectations”.
Additionally, Pepe Bolaños, Managing Partner at Cometa added:
“Simetrik’s exceptional team is at the forefront of a thrilling trend in Latin American tech, creating top-notch software solutions that streamline global enterprise operations. The support of Goldman Sachs not only validates but also enhances the company’s bright future”.
Featured image: Credit: Simetrik
