Simetrik Secures $55 Million in Series B Funding to Revolutionize B2B Financial Solutions
Simetrik has developed the Simetrik Building Blocks, a set of scalable and versatile concepts using no-code development and generative AI technologies.
Goldman Sachs invests in Simetrik’s automation technology for CFOs.
Financial automation just got a whole lot cooler! Simetrik, a B2B financial solutions startup based in Colombia, has recently raised a staggering $55 million in Series B funding. This comes nearly two years after their previous successful funding round of $20 million in Series A capital. With a total venture-backed investment of over $85 million, Simetrik is poised to revolutionize the way businesses handle their finances.
Building Blocks for Financial Success
The secret sauce behind Simetrik’s success lies in their innovative approach to financial automation. They have developed Simetrik Building Blocks (SBBs), which are scalable and adaptable concepts based on no-code development and generative AI technologies. Think of these building blocks as the Lego bricks of financial automation, allowing businesses to construct their own custom financial workflows without the need for complex coding.
“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,” says Santiago Gómez, co-founder and COO of Simetrik. “Never before has there been this approach. We had an orchestration platform, which we left behind, and are now dedicated to software for CFOs.”
A Big Boost from Goldman Sachs and Others
Leading the charge in this Series B funding round is none other than Goldman Sachs Asset Management. They are joined by FinTech Collective, the lead investor in the previous Series A round, as well as Cometa, a seed investor. Other notable participants include Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund, and the co-founders of Vtex. This impressive lineup of investors clearly sees the potential of Simetrik’s financial automation technology.
Explosive Growth and International Reach
Simetrik has seen explosive growth in the past two years, with clients in over 35 countries and the ability to monitor more than 200 million records every day. In addition to serving high-growth Latin American entities such as Rappi, Mercado Libre, Nubank, Oxxo, and PayU, they have expanded their footprint in Asia, including India and Singapore. Collaborations with powerhouse firms like Deloitte further solidify Simetrik’s position as a leader in the financial automation space.
The Future of FinTech and Simetrik’s Role
The future of the fintech industry is bright, with new products and services popping up left and right. Traditional banks and institutions are also jumping on the fintech bandwagon. However, the sheer volume of reports and records can be overwhelming, leading to the continued use of manual processes. Simetrik aims to change this by offering a fresh approach with their powerful building blocks, solving the pain points that businesses face in their financial operations.
Q&A: Your Burning Questions Answered
Q: How do Simetrik Building Blocks work? A: Simetrik Building Blocks (SBBs) are like magic Legos for financial automation. They are based on no-code development and generative AI technologies, allowing businesses to easily build their own customized financial workflows without the need for complex coding.
Q: What sets Simetrik apart from other financial automation solutions? A: Simetrik’s focus on CFOs and their unique building block approach sets them apart. By combining scalable and adaptable concepts with cutting-edge technologies, Simetrik offers a tailored solution that empowers businesses to achieve financial success.
Q: How does Simetrik plan to use the new funding? A: The new funds will be used to further develop the Simetrik Building Blocks, enhance AI capabilities, and expand Simetrik’s international reach. This means even more powerful features and an increased global presence.
Q: Can Simetrik’s technology be integrated with existing systems? A: Absolutely! Simetrik is designed to seamlessly integrate with a variety of systems, including popular platforms used by businesses today. This ensures a smooth transition and minimizes disruption to existing workflows.
The Sky’s the Limit for Simetrik
Simetrik’s latest funding round is a testament to their vision and the value they bring to the financial automation landscape. With the support of top-tier investors and a rapidly expanding client base, they are poised for even greater success. As the fintech industry continues to evolve, Simetrik is leading the way by revolutionizing how businesses handle their finances. 🚀
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What are your thoughts on Simetrik’s innovative approach to financial automation? Do you think their Simetrik Building Blocks will revolutionize the industry? Share your thoughts and let’s start a discussion! Don’t forget to hit that share button to spread the word about this exciting development in the world of fintech. 💻💡
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