Colombian B2B financial solutions startup, Simetrik, has secured an additional $55 million in Series B funding, led by Goldman Sachs Asset Management. This investment comes nearly two years after the company raised $20 million in Series A capital. The new funding round also saw participation from Series A lead FinTech Collective, and Cometa, a seed investor, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and the co-founders of Vtex.
Key Takeaway
Goldman Sachs Asset Management leads a $55 million Series B funding round in Simetrik, a Colombian financial solutions startup, to further develop its innovative financial automation technology and expand its international reach.
Expanding Financial Automation Technology
Simetrik, based in Colombia, is focused on developing financial automation technology centered around record centralization, reconciliations, controls, reporting, and accounting. The company’s unique approach lies in its Simetrik Building Blocks (SBBs), which are scalable and adaptable concepts based on no-code development and generative AI technologies. According to Santiago Gómez, co-founder and COO of Simetrik, the platform addresses the need for controls and automations in the CFO’s office, including financial flows, which are currently managed manually.
Impressive Growth and International Expansion
Since its Series A funding, Simetrik has experienced significant growth, expanding its client base to over 35 countries and monitoring more than 200 million records daily, up from 70 million records. The company’s revenue has also quadrupled during this period. Simetrik has established partnerships with high-growth Latin American entities such as Rappi, Mercado Libre, Nubank, Oxxo, and PayU, and is collaborating with firms including Deloitte. The company has also extended its presence in Asia, including India and Singapore.
Future Plans and Utilization of Funds
The newly secured funds will be channeled into the continued development of Simetrik Building Blocks, the enhancement of AI capabilities, and the further expansion of Simetrik’s global footprint. Alejandro Casas, co-founder and CEO of Simetrik, emphasized the increasing demand for fintech products and services, highlighting the need for a new approach to address the growing volume of records and reports in the industry.
