Ready to revolutionize global payments? You’ll be thrilled to hear that Simetrik, a Latin American fintech startup, just raised $24 million.
With this new capital injection, Simetrik is set on transforming the payments industry and providing an efficient, innovative experience for users worldwide.
Simetrik, a Latin American fintech startup, raises $24 million with its eye on the global payments industry
Simetrik, a Latin American fintech startup, has raised $24 million in its latest fundraising rounds, with ambitions to make a global impact on the payments industry.
The startup was founded in 2015 by its CEO Ariel Salles and CTO Lucas Teitelmann. Simetrik provides digital banking services for retail customers and small-and-medium enterprises (SMEs) in Latin America, enabling them to quickly transfer money from one country to another. Additionally, with the help of their merchant services system and mobile payment solutions, their users can easily manage their finances without worrying about currency exchange fees or lack of trust in international payment systems.
This recent fundraising round was led by Ribbit Capital and Valor Capital Group; other investors included QED Investors, Green Visor Capital and Juggernaut Ventures. This capital injection brings the total funding raised by the company since inception to $36 million.
With this new funding round, Simetrik intends to continue developing its product offerings and invest heavily in building its team across many geographical markets. They have set their sights on Latin America and the rest of the world as they look to bring more digital banking solutions for SMEs across different regions. By being at the forefront of this industry shift towards digital banking solutions and creating innovative products that meet customer needs both domestically and internationally, Simetrik is poised for success as it eyes wider expansion across global markets outside Latin America.
The Latin American Fintech Market
Latin America is a growing region for financial technology, with fintech investments increasing rapidly in recent years. Simetrik is just one of many startups across the continent using their technological capabilities to make waves in the global payments industry.
The Latin American fintech sector has seen its best performance in Mexico, Peru, Brazil, and Argentina. Market activity includes mobile payments, remittances, loan origination and fraud prevention. These are deemed essential elements for the development of digital banking services. In fact, according to a 2019 report by Finnovista and Ultra-Capital Venture Fund (UCVF) on venture capital investments in Latin America’s fintech space, total capital invested rose from $368 million in 2018 to $877 million in 2019.
In particular, the report revealed that consumer finance had become one of the greatest focuses of investment within Latin America with more than 44% financing solutions designed around consumer finance products: credit cards and consumer lendingSolutions are heavily focused on removing traditional banking hurdles such as high cost loans through better personalized options for consumers.
Simetrik’s focus on developing a partnership between telco operators and technology providers makes it well-positioned to capitalize on this trend. Building upon its existing product offerings such as authorization for high-risk Mastercard payments, Simetrik aims to bring greater ease and affordability when transferring funds across borders within Latin America or globally.
Simetrik’s Core Services and Solutions
Simetrik is a Latin American fintech startup that has recently garnered $24 million in funding. With its sights set on the global payments industry, Simetrik aims to become an international digital payment and remittance leader.
Simetrik offers services and solutions that can help users with cross-border payments, remittances, domestic payments, and much more. Their core services focus on providing customers with secured and reliable payment options across different markets.
The company works with technology partners to integrate secure payment APIs to process payments quickly, securely and cost-effectively. This allows clients to receive funds reliably with access to real-time transaction tracking data.
Their suite of payment solutions includes mobile wallet support so customers can use the service anywhere around the world on their mobile device or laptop, along with support for online invoicing and payout automation tools so businesses can easily make and receive payments from customers without a hiccup. Additionally, users have access to consumer protection through Simetrik’s fraud detection algorithms for suspicious transactions during a payment process.
Simetrik is revolutionizing how businesses transact across borders as it offers a frictionless experience for all users involved within the entire payment ecosystem from start to finish— allowing both businesses and consumers to save time, money, stress less about security concerns surrounding digital money transfers, and find comfort in knowing that their accounts are safe when using Simetrik’s services.
The Global Payments Industry
The global payments industry is estimated to be worth $2 trillion in 2020, with double-digit growth projected for the next decade. According to market research firm McKinsey and Company, growth will be primarily driven by the proliferation of new technologies such as blockchain and cloud computing and by rapidly increasing demand from non-traditional players including fintech startups, banks and merchants.
Simetrik is a Latin American startup aiming to become a major global payment player. Founded in 2018, Simetrik has quickly gained attention for its innovative digital wallet solution allowing users to store multiple currencies, pay bills and instantly make money transfers between countries. The company recently completed a $24 million Series A funding round which will be used to expand into additional markets beyond Latin America.
By leveraging its expansive network of partners —including financial institutions, banks and telcos— Simetrik aims to become a leader in cross-border payments. With the ambition of becoming a major player in the global payments industry, Simetrik plans to focus on establishing an attractive mobile wallet platform with an integrated customer experience that facilitates hassle-free cross-border payments.
Simetrik’s Market Expansion Strategy
Simetrik, a Latin American fintech startup, has recently raised $24 million to expand its foothold in the global payments industry. The company, one of Latin America’s biggest digital payment providers, stated its aims to use the funding to price competitively and deepen its technical capabilities to attract major clients globally.
The company plans to use the new capital to expand its product lineup with more open payment solutions and build a presence in promising markets addressing global payments challenges such as business-to-business (B2B). Simetrik is continuing partnerships with fintech companies across Latin America, North America and Europe. In addition, Simetrik’s new strategic approach involves using leading technologies that would enable compliance with laws related to Anti Money Laundering (AML) and Know Your Customer (KYC) protocols.
The investment extends beyond money as expert advisors believe they bring unique insights into payments regulation across multiple markets. This promises to be of great benefit particularly when dealing with complex cross-border transactions or working with large corporations who operate across different countries.
By leveraging big data analytics technology and regional expertise, Simetrik’s strategy centers around meeting customers where they already are – whether through digital wallets or mobile devices – creating faster checkout experiences & stronger customer relationships . The company believes this approach marries increased convenience and superior customer service.
Benefits of the Fundraising Round
The Series B funding round, led by U.S. venture capital firm Greycroft, will accelerate Simetrik’s mission of streamlining the payments industry in Latin America and boost global expansion efforts. Through this investment, the fintech startup will be able to spread its customized payment solutions to financial institutions across the globe.
The recent influx of capital enables Simetrik’s vision from simply serving Latin American customers in 15 countries and distributing payment solutions at a regional level to an international level. As a result, the company plans to become an industry leader as it eyes opportunities in Europe, North America and Africa.
For financial institutions looking for efficient solutions that meet their goals around cost-effectiveness, speed and scalability without compromising security and control, Simetrik’s payments platform is designed as a single source for cross-border payments processing and post-transaction value-added services. The model is intended to eliminate technologically complex processes such as local legal entity management operations — which often becomes a costly burden for financial service providers – while allowing users to easily open local bank accounts tailored to their needs.
Simetrik also intends to use this new funding round to further improve its solution with additional product enhancements such as fraud prevention tools, analytics capabilities and improved user experience features tightly integrated into the platform so as allow users better visibility into transactions while offering thorough compliance with regulatory requirements regardless of their location.
Challenges Ahead for Simetrik
Simetrik, a Latin American fintech startup, recently raised $24 million in its Series B funding round. The company plans to use the money to expand its digital payments platform into new global markets. With the rapid growth of digital payments worldwide, Simetrik is looking to establish itself as an industry leader in this burgeoning sector.
However, doing so is no easy feat. To enter new markets and make a splash in the global payments industry, Simetrik will have to overcome many challenges. These include:
-Navigating local regulations and taxation laws: As a multinational organization expanding into new markets with different rules and regulations for taxation and financial services, Simetrik must ensure compliance with all relevant regulations to operate successfully in each jurisdiction.
-Competing with established players: The payments industry is rife with strong competition from established companies such as PayPal and Stripe. As a result, Simetrik will need good strategy and innovative technology to differentiate itself from well-known incumbents and attract customers away from their existing providers.
-Maintaining secure data infrastructure: Ensuring data security is paramount when handling sensitive customer information online – an issue of increasing importance as online payments become increasingly frequent transactions worldwide. To compete effectively with other digital payment providers, Simetrik must ensure it has highly secure data infrastructure maintained according to international best practices.
Conclusion: A Look into the Future of Simetrik and the Global Payments Industry
The successful $24 million funding raised by Latin American fintech startup Simetrik is a testament to the region’s and its entrepreneurs’ potential. With this support, Simetrik is well positioned to capitalize on an ever-growing global payments industry, which shows no signs of slowing down anytime soon.
Simetrik has been able to develop innovative solutions that can be implemented on a global scale, thanks in part to its leadership team’s extensive experience and resources. The startup’s ambitious plans for expansion into new markets and dedication to delivering quality service and convenient technology set them apart from their competitors. Building trust through transparent and secure methods is a cornerstone of their operations that will further solidify their place within this ever-evolving industry.
Simetrik aims to revolutionize the payments industry and position itself as a leader in fintech for Latin America. As the company expands its reach even further into global markets, it will continue to cement its position as an up-and-coming superpower in the financial technology world—with its eye on the future of payments worldwide.