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Simetrik, a Latin American fintech startup, raises $24 million with its eye on the global payments industry

March 24, 2022
Por
Gabriela Rivera Guadarrama
Gabriela Rivera Guadarrama
Analista de comunicación Miranda Partners
📷
Bloomberg
The latest funding round will allow the startup to accelerate key hires, consolidate its market leadership across Latam, and catapult its expansion strategy into EMEA and APAC.
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Simetrik, a payments infrastructure provider  building a global payment orchestration platform, announced a $24 million Series A funding round. The round was led by FinTech Collective, and included participation  from Tiger Global and Moore Capital, among others, along with existing funders like  Cometa and Monashees. It also included numerous angel investors, including (but  not limited to) CEO of Addi Santiago Suarez and Head of Corporate Strategy and  Development at Plaid, Jason Pate. The latest funding round will allow the YC backed startup to accelerate key hires, consolidate its market leadership across  LatAm and catapult its expansion strategy into EMEA and APAC.  

Founded in 2019 by Alejandro Casas and Santiago Gomez, Simetrik’s infrastructure  delivers greater control and transparency over a company’s financial transactions by  automating reconciliation through a no code solution. Simetrik has seen rapid  adoption of its services in the 24 months since it launched, reconciling $75 Bn of TPV per year in over 22 countries and serving well-known names across the industry  including Mercado Pago, NuBank, Rappi Bank, Bancolombia, Addi, DLocal, Clara,  Clip, and Ualá.  

"As the payment methods landscape becomes increasingly saturated and complex - from the proliferation of BNPL, issuers, wallets, loyalty programs to crypto-wallets and  cash networks- payment orchestrators like Simetrik will be key for money movement  and data ledgers" said Santiago Gomez, Co-founder & COO. 
“The experience of working closely with payment and fintech companies made us  realize that there are still many obstacles for companies that use many different  types of payment methods to satisfy increasing demand. We’re seeing rapid  growth in the payment methods space at a global level, with new companies coming  onto the market everyday,” said Alejandro Casas, Co-founder & CEO. 

The company already has a strong solution-oriented reputation both internally and  with their customers. "Everything flows much better between our ERP and  Simetrik, the tools work well together: the teams now spend most of their time analyzing deviations and working on remediations and recoveries, which is what they  should be doing," says Pedro Ant, CFO of Mercado Libre. 

From the beginning, we were impressed by the focus and tenacity of the entire  Simetrik team. Their ability to recruit is extraordinary, and we believe that the  powerful backing received in this round will help them to scale aggressively over the  next few years,” said Carlos Alonso Torras, Principal at FinTech Collective and Head of  Emerging Markets, who will be joining Simetrik’s board.  

Cometa, the company’s main seed investor and incoming board member said:  “Simetrik is revolutionizing the way Latin America’s super apps, top banks, and  retailers reconcile bank statement transactions and add payments to company  ledgers. Simetrik is in a great position to fully optimize the money movement  lifecycle for the most data-rich enterprises in the region, and potentially the rest of  the world.”  

With a fully remote and tech-focused culture, Simetrik has over 100 open positions  and is attracting the best talent in the region. Important funds such as Fen Ventures,  Clocktower Ventures, GFC, MercadoLibre Fund, Rallycap Ventures, Amador  Holdings, FJ Labs, Wayra, Simma Capital, as well as the main shareholders of Banco  Base also participated in the investment round. 

About Simetrik:  

Simetrik is a payments infrastructure provider and global platform orchestrator that enables companies  to easily automate all their reconciliation processes through a no code solution, delivering greater control,  flexibility and transparency to finance teams. The company is reconciling $75 Bn of TPV per year in over  22 countries and serving well-known names across the industry including Mercado Pago, Rappi Bank,  NuBank, Bancolombia, Addi, DLocal, Clara, Clip, and Ualá. Learn more at: https://simetrik.com/.  

About FTC: 

FinTech Collective is a global venture capital firm backing entrepreneurs who are re-imagining the way  money moves through the world. Founded in 2012 and based in New York City, the firm has deep  experience investing across capital markets, wealth management, banking, lending, payments,  insurance, and DeFi. The managing partners of FinTech Collective are serial entrepreneurs and operators,  having built, scaled and successfully exited four global fintech businesses.  

Backed by some of the world’s leading institutional investors, FinTech Collective manages over $750m in  regulatory assets and has invested in 70 portfolio companies.  

We publish a weekly newsletter, delivered every Saturday and provide a tightly edited rundown of global  fintech news, along with a bit of our original analysis (available at fintech.io/newsletter).

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Simetrik, a payments infrastructure provider  building a global payment orchestration platform, announced a $24 million Series A funding round. The round was led by FinTech Collective, and included participation  from Tiger Global and Moore Capital, among others, along with existing funders like  Cometa and Monashees. It also included numerous angel investors, including (but  not limited to) CEO of Addi Santiago Suarez and Head of Corporate Strategy and  Development at Plaid, Jason Pate. The latest funding round will allow the YC backed startup to accelerate key hires, consolidate its market leadership across  LatAm and catapult its expansion strategy into EMEA and APAC.  

Founded in 2019 by Alejandro Casas and Santiago Gomez, Simetrik’s infrastructure  delivers greater control and transparency over a company’s financial transactions by  automating reconciliation through a no code solution. Simetrik has seen rapid  adoption of its services in the 24 months since it launched, reconciling $75 Bn of TPV per year in over 22 countries and serving well-known names across the industry  including Mercado Pago, NuBank, Rappi Bank, Bancolombia, Addi, DLocal, Clara,  Clip, and Ualá.  

"As the payment methods landscape becomes increasingly saturated and complex - from the proliferation of BNPL, issuers, wallets, loyalty programs to crypto-wallets and  cash networks- payment orchestrators like Simetrik will be key for money movement  and data ledgers" said Santiago Gomez, Co-founder & COO. 
“The experience of working closely with payment and fintech companies made us  realize that there are still many obstacles for companies that use many different  types of payment methods to satisfy increasing demand. We’re seeing rapid  growth in the payment methods space at a global level, with new companies coming  onto the market everyday,” said Alejandro Casas, Co-founder & CEO. 

The company already has a strong solution-oriented reputation both internally and  with their customers. "Everything flows much better between our ERP and  Simetrik, the tools work well together: the teams now spend most of their time analyzing deviations and working on remediations and recoveries, which is what they  should be doing," says Pedro Ant, CFO of Mercado Libre. 

From the beginning, we were impressed by the focus and tenacity of the entire  Simetrik team. Their ability to recruit is extraordinary, and we believe that the  powerful backing received in this round will help them to scale aggressively over the  next few years,” said Carlos Alonso Torras, Principal at FinTech Collective and Head of  Emerging Markets, who will be joining Simetrik’s board.  

Cometa, the company’s main seed investor and incoming board member said:  “Simetrik is revolutionizing the way Latin America’s super apps, top banks, and  retailers reconcile bank statement transactions and add payments to company  ledgers. Simetrik is in a great position to fully optimize the money movement  lifecycle for the most data-rich enterprises in the region, and potentially the rest of  the world.”  

With a fully remote and tech-focused culture, Simetrik has over 100 open positions  and is attracting the best talent in the region. Important funds such as Fen Ventures,  Clocktower Ventures, GFC, MercadoLibre Fund, Rallycap Ventures, Amador  Holdings, FJ Labs, Wayra, Simma Capital, as well as the main shareholders of Banco  Base also participated in the investment round. 

About Simetrik:  

Simetrik is a payments infrastructure provider and global platform orchestrator that enables companies  to easily automate all their reconciliation processes through a no code solution, delivering greater control,  flexibility and transparency to finance teams. The company is reconciling $75 Bn of TPV per year in over  22 countries and serving well-known names across the industry including Mercado Pago, Rappi Bank,  NuBank, Bancolombia, Addi, DLocal, Clara, Clip, and Ualá. Learn more at: https://simetrik.com/.  

About FTC: 

FinTech Collective is a global venture capital firm backing entrepreneurs who are re-imagining the way  money moves through the world. Founded in 2012 and based in New York City, the firm has deep  experience investing across capital markets, wealth management, banking, lending, payments,  insurance, and DeFi. The managing partners of FinTech Collective are serial entrepreneurs and operators,  having built, scaled and successfully exited four global fintech businesses.  

Backed by some of the world’s leading institutional investors, FinTech Collective manages over $750m in  regulatory assets and has invested in 70 portfolio companies.  

We publish a weekly newsletter, delivered every Saturday and provide a tightly edited rundown of global  fintech news, along with a bit of our original analysis (available at fintech.io/newsletter).

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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Ronda financiación:
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