Goldman Sachs bets on Simetrik’s payments infrastructure tech
Reading Time: 2 minutesNearly two years after securing $20 million in Series A capital, B2B financial solutions startup Simetrik is back with additional investment to the tune of $55 million in Series B funding.
The Colombia-based company is developing financial automation technology around record centralization, reconciliations, controls, reporting and accounting. Where it is differentiating itself is through its Simetrik Building Blocks, or SBBs, which are scalable and adaptable concepts based on no-code development and generative AI technologies.
Goldman Sachs Asset Management led the investment and was joined by 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.
The new capital gives Simetrik over $85 million in total venture-backed investment to date. When we previously profiled Simetrik in 2022, the company’s valuation was over $100 million. This new round is considered an ‘up round,’ however, co-founders Alejandro Casas and Santiago Gómez declined to say by how much.
In the past two years, the company grew to have clients in more than 35 countries, up from 10, and is monitoring over 200 million records every day. Previously that was 70 million records daily. Revenue also grew four times since the Series A.
In addition to high-growth Latin American entities like Rappi, Mercado Libre, Nubank, Oxxo and PayU, the company is working with PagSeguro, Falabella and Itaú, and has partnerships with firms including Deloitte. Simetrik also expanded its footprint in Asia to include India and Singapore.
The use of the new funds will go into further developing the Simetrik Building Blocks, enhancing AI capabilities and continuing to expand Simetrik’s international reach.
Reference: https://techcrunch.com/2024/02/21/goldman-sachs-simetrik-payment-infrastructure-fintech/
Ref: techcrunch
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