June 17, 2024
Goldman Sachs bets on Simetrik’s automation tech for CFOs

Nearly 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.

“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, co-founder and COO of Simetrik, told TechCrunch. “Never before has there been this approach. We had an orchestration platform, which we left behind, and are now dedicated to software for CFOs.”

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.

Simetrik, Alejandro Casas, Santiago Gomez

Simetrik co-founders Alejandro Casas and Santiago Gómez. Image Credits: Simetrik

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.

“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,” Alejandro Casas, co-founder and CEO of Simetrik, told TechCrunch. “They have more reports and larger volumes of records, yet are still using manual processes. They need a new approach, and that is where our building blocks have a strong product market piece.”

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