The Colombian company Simetrik has put together a new round of investment and has achieved 55 million dollarswhich will be used to consolidate its operations in Argentina and expand its global presence.
The company develops solutions for key financial tasks such as centralizing records, controls and accounting. It focuses on providing services to large payment companies and consumer markets globally and locally its clients are Mercado Libre, Ualá and Card Naranja.
Hand in hand with these “big fish”Simetrik’s Argentine share represents 30% of the company’s total revenue globally.
The new investment round is a $55 million Series B, led by Growth Equity Goldman Sachs Asset Management (Goldman Sachs). Other investors who have joined this process include FinTech Collective, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Capital Management, the MercadoLibre fund and the co-founders of Vtex.
In addition to local unicorns, Simetrik’s customer base includes large companies such as PayU, Rappi, PagSeguro, Falabella, Oxxo, Ita and partnerships with leading companies such as Deloitte.
Today Simetrik operates in 35 countries and a focus on expansion into Asia and Europe. “Our team is very concentrated in Latin America: we are 270 people here and about 12 or 15 in other parts of the world. This is a source of pride because it is a world-class technology developed by Latin Americans. Simetrik has the potential to become the next Oracle“, says Alejandro Casas, founder and CEO of the company in dialogue with Clarín.
“From a billing perspective, today we are the leader in Latin America and most of the revenues come from this region. But this will change because we are growing at a different speed in other markets. Towards the end of 2025 we should see that change from where start, despite global markets,” he explains.
For Simetrik, “Argentina is an important market, representing almost 30% of the company’s entire business. Our largest client globally is Mercado Libre. We provide support in all countries in which they operate except Brazil. “Argentina is the biggest market at the moment, but Brazil, Mexico and Colombia are quite close.”
Casas emphasizes that “right now we are deepening our relationship with Argentina as a country. This means investing more in our customers and continuing to penetrate the market.”
In recent years, Simetrik has managed to maintain its local operations despite economic turmoil and foreign exchange restrictions. “We charge in dollars so as to protect ourselves in terms of volatility that may exist.. And we also work with large companies that have found their stability and This covers this issue for us. We “We don’t care what the color of the government is, blue, green or red, what we’re looking for is to add value.”
When asked if it is more difficult to find investors in the current global context, Casas replies that “in general terms Risk appetite is much lower than a few years ago. But in any case, the world of investing in technology companies is very large globally, and when that appetite diminishes, income capital focuses on business models like ours. We work with large companies, we have very stable and very predictable revenues, which attracts the attention of these funds.”
Source: Clarin
