Infrastructure startups continue to raise corporate dollars around the world, especially in the case of payment infrastructure providers. Without a code, there is also a draw. A startup that is a mixture of both can be found in Bogotá, Colombia. symmetricwhich just raised $20 million in a Series A funding round at a “north of $100 million” valuation.
The startup says its infrastructure provides “greater control and transparency” over a company’s financial transactions by automating reconciliations without providing any code. In other words, says co-founder and COO Santiago Gomez, the company’s software automates reconciliation for financial groups that have a high volume of transactions and reports. It works by correlating this financial information with the goal of providing “real-time visibility, traceability and trustworthy information” for their finances.
Gomez told gaming-updates: “What makes us better than our competitors is that it’s offered as a service, where the finance team does the design to set up a big data backend with a spreadsheet-like interface. Teams are independent.
The startup was founded in 2019 after the backbone of an e-commerce company called Ropio that grew out of the Y Combinator Winter 2018 cohort. It grew 20% monthly last year and is expected to end the year with roughly $10 million in annual recurring revenue. Co-founder and CEO Alejandro CasasoI
“We invest more than 45% of our revenues and funding in product development,” he said.
Symmetric recently began offering a payment method orchestrator that allows payment service providers to connect directly to various payment methods. This could save companies months of work and thousands of dollars in investment, Gomez said.
“As the landscape of payment methods becomes more saturated and complex — from BNPLs, issuers, wallets and loyalty programs to crypto wallets and money networks — payment agents like Symmetric will hold the keys to money movement and data ledgers,” Gomez said.
In the past two years since its launch, its TPV (Total Portfolio Value) has reached $75 billion a year, according to the startup. Today it has 45 clients in 10 countries and processes transactions in 25 countries. Clients include many fast growing Latin American companies such as Rappi, Mercado Libre, Bankolombia, Clip, Ula, DeLocal, NuBank, Oxoxo and PayU. He also recently brought in Chai Payments from South Korea as a client.
“The experience of working closely with payment and fintech companies has made us Understand that there are still many barriers to the operation of different companies. types of payment methods to meet growing demand,” Kais said. “We quickly see Global Growth in Payment Methods Driven by New Businesses The market comes every day.”
Series A funding led by a New York-based fintech collective with participation from Tiger Global and Moor Capital. existing donors such as Cometta (who led the company’s seed round) and Monashies. Several angel investors have also invested, including AD CEO Santiago Suarez and Jason Pate, head of corporate strategy and development at Plaid.
In addition to $20 million in equity, Symmetric also raised $4 million in risky debt. In total, the company has raised $29.3 million in equity and debt since inception.
Carlos Alonso Torres, director of Fintech Collective and head of the emerging markets firm, said his company was attracted by the team’s “dedication and tenacity”.
“The reconciliation technology already deployed by the company is a powerful addition to its vision of building a payment orchestration platform. Symmetric is uniquely positioned to build from this perspective to post-production, while having a deep understanding of the operational needs and processes of Latin America’s leading technology players,” said Torus gaming-updates. Code solutions to automate reconciliation, solutions to a fundamental problem in the sector, are being digitized at an alarming rate.”
“Symetric has laid the foundation for aggressive scaling outside of Latin America,” he said.
For its part, Cometa said that “Symetric is revolutionizing the way super apps are used in Latin America by matching transactions against bank statements from leading banks and retailers and adding payments to the corporate ledger.”
The company says it will use some of its new capital for staffing. A year ago, it had 72 employees. The company currently has about 200 employees and plans to hire 100 more employees worldwide. He also plans to spend the money to further develop the orchestrator and enter the EMEA and APAC markets.