Mexico City-based B2B software and payments company Yaydoo closed $20.4m in a Series A round co-led by Base10 Partners and monashees.
Joining them in the round were SoftBank’s Latin America Fund and Leap Global Partners. In total, Yaydoo has raised $21.5m.
Founded by Sergio Almaguer, Guillermo Treviño and Roberto Flores, the company will use the new funding to grow its team in Mexico and hire staff in Latin America. Yaydoo is also looking at future opportunities for its working capital business, like understanding how many invoices customers are setting, the access to actual payments, and how money flows out and in so that it can provide insights on working capital funding gaps. The company will also invest in product development.
The new funding will also enable the company to create a pool of potential customers with a “freemium” offering with the goal of converting those customers into the subscription model as they grow.
The Mexico City-based B2B software and payments company provides three products, VendorPlace, P-Card and PorCobrar, for managing cash flow, optimizing access to smart liquidity, and connecting small, midsize and large businesses to an ecosystem of digital tools. The startup aims to provide procurement, accounts payable and accounts receivables, but in a simpler format so that the collection and payment of B2B transactions was affordable for small businesses.
It said in a statement, “Yaydoo is also looking at future opportunities for its working capital business, like understanding how many invoices customers are setting, the access to actual payments, and how money flows out and in so that it can provide insights on working capital funding gaps.”
The company has grown to over 800 customers, up from 200 in the first quarter of 2020. Its headcount also grew to 100 from 30 during the same time. In the last 12 months, over 70,000 companies have transacted on the Yaydoo network, and total payment volume grew to hundreds of millions of dollars, it claimed.
Yaydoo joined a sector of FinTech that is heating up — the global B2B payments market is valued at $120trn annually. Last week, B2B payments platform Nium announced a $200m in Series D funding on a $1bn valuation. Others attracting funding recently include Paystand, which raised $50m in Series C funding to make B2B payments cashless, while Dwolla raised $21m for its API that allows companies to build and facilitate fast payments.
Copyright © 2021 FinTech Global
