Nearly two years after securing $20 million in Series A capital, B2B financial solutions startup Symmetrical returns with an additional investment of $55 million in Series B funding.
The Colombia-based company develops financial automation technology around record collection, reconciliations, audits, reporting and accounting. Where it differentiates itself is through Simetrik Building Blocks, or SBBs, which are scalable and customizable concepts based on code-free development and artificial intelligence technologies that are created.
“There are a number of controls and automations that need to be done in the CFO’s office, including financial flows, and many others that are currently done manually,” Santiago Gómez, co-founder and COO of Simetrik, told TechCrunch. “Never before has there been this approach. We had an orchestration platform, which we left behind, and now it’s dedicated to software for CFOs.”
Goldman Sachs Asset Management led the investment and was backed by Series A lead FinTech Collective and Cometa, seed investor, Falabella Ventures, Endeavor Catalyst, Actyus, Moore Strategic Ventures, Mercado Libre Fund and Vtex co-founders.
The new capital brings Simetrik to over $85 million in total venture-backed investment to date. When we previously profiled Simetrik in 2022, the company’s valuation was over $100 million. This new round is considered a “top round,” however, co-founders Alejandro Casas and Santiago Gómez declined to say by how much.
Over the past two years, the company has grown to have customers in more than 35 countries, up from 10, and tracks over 200 million records every day. It used to be 70 million records daily. Revenue also increased four times since Series A.
Simetrik co-founders Alejandro Casas and Santiago Gómez. Image Credits: Symmetrical
In addition to high-growth Latin American companies such as Rappi, Mercado Libre, Nubank, Oxxo and PayU, the company works with PagSeguro, Falabella and Itaú and has partnerships with companies such as Deloitte. Simetrik has also expanded its footprint in Asia to include India and Singapore.
The use of the new funds will lead to the further development of Simetrik’s building blocks, the strengthening of artificial intelligence capabilities and the continued expansion of Simetrik’s international reach.
“There is an explosion of fintechs and fintech products and services, not only with startups, but also banks and institutions are getting into these products,” Alejandro Casas, co-founder and CEO of Simetrik, told TechCrunch. “They have more reports and higher volumes of records, yet they still use manual processes. They need a new approach and that’s where our building blocks have a strong piece of the product market.”
