Are you struggling to find innovative payment infrastructures for your business?
Colombian payment infrastructure startup Simetrik has just secured a groundbreaking $20M Series A round at a $100M+ valuation. This funding unlocks the potential of low-cost, secure payments for businesses worldwide.
Simetrik, a Colombian payment infrastructure startup, has announced the completion of its $20 million Series A round. The Latin American Venture Capital (LAVC) Fund led the investment, with participation from Softbank Latin America Venture Capital and Quona Capital. This major injection of capital brings Simetrik’s total raise to $26M, placing them at a reported valuation of more than $100M.
Simetrik is a payment infrastructure provider for merchants in developing economies. The startup enables merchants to receive payments in multiple international currencies within their local currency and through low-cost ways such as direct debits and card payments. In addition, Simetrik gives merchants access to better marketplaces and aggregators that facilitate global payments and allow them to transact faster and securely.
With its new raised funds they plan to grow their operations in Colombia while expanding into other regions in Latin America and Africa by the end of 2021.
Overview of Simetrik
Simetrik is a Colombian payment infrastructure startup that provides various services to enable digital and physical payments. The company was founded in 2019 and has since grown to become the leading payments provider in the country. Simetrik offers solutions for online merchants, banks, and e-commerce companies.
The company’s core product is a simple platform that enables customers to securely store, send, receive, and manage funds digitally. Customers can also use the platform to monitor and analyze real-time transactions. Additional services offered by Simetrik include government payments processing, mobile wallet solutions, loyalty programs, and fraud prevention solutions.
Simetrik recently raised $20 million in Series A funding at a $100 million+ valuation from investors including Craft Ventures (David Sacks’ venture firm) and Tusk Ventures. With this new round of funding, Simetrik plans to expand its operations into other Latin American markets and penetrate the US market with its innovative digital payment solutions.
Colombian payment infra startup Simetrik lands $20M Series A at a $100M+ valuation
Simetrik, a Colombian startup developing an integrated payments infrastructure to enable digital transactions, has announced a $20 million Series A funding round led by Valar Ventures. The funding round valued the fintech startup at over $100 million and was accompanied by secondary investments led by Invest in Bogotá, Innpulsa Colombia, Village Capital and Breakout Venture.
This new capital will extend Simetrik’s services nationwide in Latin America. The company intends to use the funding to open new regional offices and provide access to a larger customer base. Simetrik will also use this investment round to invest in its software infrastructure, product development, and expansion plans for new markets throughout South America.
The company’s integrated payments platform enables merchants and government officials with customized real-time payments experiences without worrying about multiple integrations from different partners or maintaining several contracts. In addition, its technology supports access for financial institutions, prepaid accounts, bank transfers, consumer credit activities and collecting taxes from customers in the most transparent manner possible.
Impact of the Funding
The investment will further build Simetrik’s customer base, expand existing products and services, and add new product offerings across Latin America. According to the company, it will become the largest payment infrastructure provider in the region by leveraging its technology powered by AI. Valor Capital Group led the funding round with participation from Endeavor Catalyst, Vectr Ventures, Silicon Valley Bank (SVB Financial Group), and Magma Partners.
The fresh capital infusion brings Simetrik’s total raised to date to $25M and values the company at over $100M post-money according to PitchBook data. With this new funding round, Simetrik is set to revolutionize digital payment collection capabilities in Latin America and expand financial inclusion across much of the region. Some specific areas they plan to impact include independent merchants, small businesses and other underserved financial services markets.
The key benefit of using Simetrik’s platform is that it is more secure than using cash or a traditional bank account; it also allows payments across Latin America with a single platform while reducing the risk associated with these payment transactions. This strategic move will likely bring in more customers under Simetrik’s umbrella, eventually increasing its customer base significantly. Additionally, this new influx of capital allows Simetrick more opportunities for research and development on their existing product standpoints. It creates potential avenues for developing additional products or services for its users.
Overall, this funding should work quite beneficially for consumers and businesses in Latin America looking for a simpler way of making payments online or offline without any failure probability or delays from traditional banks’ infrastructures.
Simetrik’s Plans for the Future
Simetrik, a Colombian payment infrastructure startup, recently announced a successful Series A round of funding totaling $20 million. With the new capital, the startup plans to expand its operations in Latin America and focus on helping regional businesses use digital payments. Furthermore, Simetrik aims to provide a platform that enables secure and transparent cross-border payments for consumers and financial institutions.
Additionally, Simetrik plans to launch a suite of payment processing options for merchants by leveraging advanced machine learning algorithms to identify fraud and manage preferences quickly and securely. The company has partnered with major banks in Colombia, Uruguay and Mexico to provide secure payment services such as card tokenization, chargeback management and risk analytics. By integrating these features directly into their platform, Simetrik will enable businesses to manage their payments stress-free while reducing the costs associated with third party financial service providers.
Simetrik’s CEO Alejandro Chamizo stated that his team is “dedicated not only to revolutionizing digital payments but adding value throughout the entire economics of our customers”. Ultimately, the startup’s series A funding will help Unbounce accelerate its mission of building a seamless digital payments ecosystem that allows people around Latin America to make smooth transactions regardless of their geography or currency.
Implications of the Investment
The impact of the $20 million Series A investment on Simetrik, a Colombian payment infrastructure startup, is far-reaching. This investment will be instrumental in helping the company to fuel its growth and bring its payment solutions to more customers in Colombia and beyond.
The funds raised by Simetrik with this round of financing is expected to be used to develop new products and services, expand operations into new markets, implement modern risk management systems and further build out their sales and marketing teams. Additionally, part of these funds are also expected to finance strategic partnerships that could help extend the reach of their technology.
With a valuation exceeding $100 million, this latest round demonstrates that investors are confident in disruptive fintech startups driving innovation in the traditional payments infrastructure sector. The implications for Simetrik’s stakeholders associated with this event can create multiple opportunities for capitalizing on market trends and accelerating growth potential.
Moreover, a successful exit from the current investor cohort would be transformational for the Latin American startup ecosystem as a whole by providing evidence of what companies from faster-growing markets can achieve if they focus on creating value within those markets while exploiting global opportunities as they become available. Overall, with this funding news it appears that Latin American fintechs are riding high on investor confidence which will likely help other companies seeking similar investments shortly.
The Colombian-based fintech Simetrik has announced the closure of a $20 million Series A funding round, led by Accel and Grayhound. This brings the company’s total raised to $28 million and enables them to continue their presence and growth in MENA, Eastern Europe, Sub Saharan Africa, South East Asia and Latin America over the next several years.
With such significant funding comes huge responsibility and opportunity. Simetrik will face key challenges as they deepen their product offering, develop new markets and grow further into existing ones. This includes understanding local infrastructures, regulations and business practices within each locale to ensure that payments break down any accessibility barriers. Additionally, Simetrik will have to work closely with governments worldwide to keep up with constantly changing legal requirements in areas such as AML/KYC regulatory compliance. It will also educate local governments about the importance of open banking systems.
As regional trends point towards digitalization and inclusion across payment networks, successful implementation of their ambitious plan by Simetrik could bring affordable cost payments to those most financially vulnerable globally. It is yet to be seen how well these efforts can pay off for users and shareholders.
Simetrik, a Colombian payments infrastructure startup, announced a $20M Series A led by Emerge, with participation from existing investors Softbank Latin America Fund (SFTBL), Visa and Flourish. This round brings Simetrik’s total funding to $30M, estimated by the company’s post-money valuation at $100M+. The news further solidifies Colombia’s growing importance as an emerging tech hub in Latin America.
The recent investment marks an exciting milestone for the company and provides more evidence of Colombia’s blossoming digital economy as investors recognize the potential of an unbanked population. With this investment, Simetrik is looking to continue tweaking their product portfolio and diversifying into new markets.
Simetrik has led innovation in enterprise payments in Latin America since it was founded in 2017. It has partnered with companies such as Visa, Mercado Libre and Banco GNB Sudameris across the region. As they continue to grow, they will have access to more resources that will help them reach even more customers across the continent. This new funding round allows them to do just that and gives them financial flexibility during this unpredictable times caused by COVID-19. Ultimately this round should position Simetrik well for continued success in its mission of transforming Colombia’s payment infrastructureservices sector.