Datanomik announced it has raised a $6M seed round to advance its mission to bring streamlined financial data access to businesses across Latin America and emerging markets. The funding was led by Andreessen Horowitz, followed byCanary, Nazca, Latitud, and some of the most sought-after angel investors in the ecosystem. With the funding, the B2B financial platform plans to expand throughout LatAm, as discussions concerning regulations on digital finance advance, paving the way for innovation.
Datanomik is a B2B Open Banking platform helping companies get easy access to financial information. This happens through a proprietary API that gathers real-time and standardizeddata directly from banks and other institutions such as payment service providers and ecommerce platforms.
Its mission is helping companies like dLocal, Jeeves or Dinie. The first is a payment service provider operating with multiple bank accounts from different banks and countries. The second, Jeeves, is a corporate fintech company that onboard customers by requesting their financial data such as PDF bank statements. Lastly, Dinie, which is a lending company that analyzes a company's financial background to boost their credit assessment. They all facethe same challenge: getting streamlined financial information directly from the source to their businesses is a hard thing to do, especially in emerging markets where data has been historically dispersed and unstandardized.
Gonzalo Strauss, a former engineering lead, and Sergio Fogel, a well-known high-tech serial entrepreneur and founder of Uruguay's first unicorn and public company dLocal, founded the startup three months ago. Gonzalo, now CEO of Datanomik, was the Head of Product at oneof Sergio's leading companies, AstroPay, where he was in charge of finding a solution to an internal problem: the struggle of dealing with a myriad of financial data provided by various financial institutions. “In emerging markets, cash is still the primary payment method of choice, forcing us to use archaic processes to do reconciliations or manage our own enterprise bank account data," Gonzalo says. "This is a challenge because each institution has its own system, none of which are connected to each other, and the information is not standardized, making it difficult to keep up to date in a world where a real-time connection is required."
When his team started looking for an internal solution, they discovered there was no such thing, so they decided to create their own. The result exceeded all expectations and the potential was clear. Many more companies were facing similar issues; Datanomik was being born as a company.
“When you think about fintech companies nowadays, they aim to have operations in multiple countries if not continents”, says Gonzalo. “This means dealing with dozens of bank accounts from different banks, resulting in a bottleneck for finance teams who spend tons of hours manually logging into their home bankings to check balances, transfers or analyze theircash flow”. With Datanomik business solution, CFO’s can connect all their financial accounts and get a centralized view to manage their business performance while doing real time reconciliations, bookkeeping, accounting and any other business operation.
But it’s not just about back-office processes, it’s about product simplicity. For example, more and more B2B companies are now looking for a faster, simpler and efficient way to onboard their customers. “What usually took weeks or even months to get bank verifications with extensive PDF bank statements or valid wire instructions, now it literally takes seconds”,Gonzalo explains. This is a huge opportunity, not just for payment companies, but for anyone that relies on financial data. “We are building an infrastructure which will enable companies from different types and industries to place their products on top of it”, Sergio says. Reducing fraud and improving credit models for lending are other use cases that will massively be benefited from Datanomik’s solution.
Potential and plans. With the funding, the founders plan to consolidate the product, grow aworld-class team and expand throughout LatAm, with Brazil being an entry point, followed by Mexico and Colombia.
“It’s a huge market we know really well”, says Sergio, about starting operations in Brazil. “We have been in the Brazilian fintech ecosystem for more than 10 years, gaining deep market knowledge and know-how. Also, implementations towards Open Banking are starting to take shape, and that means taking all the necessary measures to be compliant with the regulations”.
Currently, Datanomik has 20 employees and is already working with dLocal and AstroPay, as well as several large-sized fintech companies in LatAm. But the company plans are in the very beginning.
We are thrilled to back the Datanomik team. As companies are increasingly global from day one, finance/accounting/operations teams are forced to build clumsy and error-proneprocesses to understand cash balances across multiple bank accounts and to reconcilepayments across numerous payment methods. Datanomik’s elegant API not only providesCFOs a much needed centralized dashboards, but also enables faster KYC/ underwriting for businesses as financial information can be fetched via an API vs. emailing PDF bankstatements ” says Angela Strange, from a16z. This is the first investment from the traditional venture capital in Uruguay.
We are very excited to support Sergio and Gonzalo. Their skill set and track record put Datanomik in an exciting position to revolutionize financial services for businesses in LatinAmerica, making them easier and better", says Marcos Toledo, managing partner at Canary.
Among the angel-investors who Datanomik attracted are Sebatian Mejia, president and founder of Rappi; Juan Fantoni, founder of Pomelo; Suzy Ferreira, founder of Dinie; ConradoEngel, former CEO of HSBC, Santander board member and General Atlantic advisor, PabloGarfinkel founder at Tokai Ventures and the Bilbao brothers, Andres and Daniel, founders ofRappi and Truora respectively. They have also received investments from early employeesat Plaid including Paolo Bernasconi, also founder at TruckSmarter
Datanomik announced it has raised a $6M seed round to advance its mission to bring streamlined financial data access to businesses across Latin America and emerging markets. The funding was led by Andreessen Horowitz, followed byCanary, Nazca, Latitud, and some of the most sought-after angel investors in the ecosystem. With the funding, the B2B financial platform plans to expand throughout LatAm, as discussions concerning regulations on digital finance advance, paving the way for innovation.
Datanomik is a B2B Open Banking platform helping companies get easy access to financial information. This happens through a proprietary API that gathers real-time and standardizeddata directly from banks and other institutions such as payment service providers and ecommerce platforms.
Its mission is helping companies like dLocal, Jeeves or Dinie. The first is a payment service provider operating with multiple bank accounts from different banks and countries. The second, Jeeves, is a corporate fintech company that onboard customers by requesting their financial data such as PDF bank statements. Lastly, Dinie, which is a lending company that analyzes a company's financial background to boost their credit assessment. They all facethe same challenge: getting streamlined financial information directly from the source to their businesses is a hard thing to do, especially in emerging markets where data has been historically dispersed and unstandardized.
Gonzalo Strauss, a former engineering lead, and Sergio Fogel, a well-known high-tech serial entrepreneur and founder of Uruguay's first unicorn and public company dLocal, founded the startup three months ago. Gonzalo, now CEO of Datanomik, was the Head of Product at oneof Sergio's leading companies, AstroPay, where he was in charge of finding a solution to an internal problem: the struggle of dealing with a myriad of financial data provided by various financial institutions. “In emerging markets, cash is still the primary payment method of choice, forcing us to use archaic processes to do reconciliations or manage our own enterprise bank account data," Gonzalo says. "This is a challenge because each institution has its own system, none of which are connected to each other, and the information is not standardized, making it difficult to keep up to date in a world where a real-time connection is required."
When his team started looking for an internal solution, they discovered there was no such thing, so they decided to create their own. The result exceeded all expectations and the potential was clear. Many more companies were facing similar issues; Datanomik was being born as a company.
“When you think about fintech companies nowadays, they aim to have operations in multiple countries if not continents”, says Gonzalo. “This means dealing with dozens of bank accounts from different banks, resulting in a bottleneck for finance teams who spend tons of hours manually logging into their home bankings to check balances, transfers or analyze theircash flow”. With Datanomik business solution, CFO’s can connect all their financial accounts and get a centralized view to manage their business performance while doing real time reconciliations, bookkeeping, accounting and any other business operation.
But it’s not just about back-office processes, it’s about product simplicity. For example, more and more B2B companies are now looking for a faster, simpler and efficient way to onboard their customers. “What usually took weeks or even months to get bank verifications with extensive PDF bank statements or valid wire instructions, now it literally takes seconds”,Gonzalo explains. This is a huge opportunity, not just for payment companies, but for anyone that relies on financial data. “We are building an infrastructure which will enable companies from different types and industries to place their products on top of it”, Sergio says. Reducing fraud and improving credit models for lending are other use cases that will massively be benefited from Datanomik’s solution.
Potential and plans. With the funding, the founders plan to consolidate the product, grow aworld-class team and expand throughout LatAm, with Brazil being an entry point, followed by Mexico and Colombia.
“It’s a huge market we know really well”, says Sergio, about starting operations in Brazil. “We have been in the Brazilian fintech ecosystem for more than 10 years, gaining deep market knowledge and know-how. Also, implementations towards Open Banking are starting to take shape, and that means taking all the necessary measures to be compliant with the regulations”.
Currently, Datanomik has 20 employees and is already working with dLocal and AstroPay, as well as several large-sized fintech companies in LatAm. But the company plans are in the very beginning.
We are thrilled to back the Datanomik team. As companies are increasingly global from day one, finance/accounting/operations teams are forced to build clumsy and error-proneprocesses to understand cash balances across multiple bank accounts and to reconcilepayments across numerous payment methods. Datanomik’s elegant API not only providesCFOs a much needed centralized dashboards, but also enables faster KYC/ underwriting for businesses as financial information can be fetched via an API vs. emailing PDF bankstatements ” says Angela Strange, from a16z. This is the first investment from the traditional venture capital in Uruguay.
We are very excited to support Sergio and Gonzalo. Their skill set and track record put Datanomik in an exciting position to revolutionize financial services for businesses in LatinAmerica, making them easier and better", says Marcos Toledo, managing partner at Canary.
Among the angel-investors who Datanomik attracted are Sebatian Mejia, president and founder of Rappi; Juan Fantoni, founder of Pomelo; Suzy Ferreira, founder of Dinie; ConradoEngel, former CEO of HSBC, Santander board member and General Atlantic advisor, PabloGarfinkel founder at Tokai Ventures and the Bilbao brothers, Andres and Daniel, founders ofRappi and Truora respectively. They have also received investments from early employeesat Plaid including Paolo Bernasconi, also founder at TruckSmarter