Colombian PayTech platform Simetrik raises $24m

Colombia-based Simetrik, which is building a global payment orchestration platform, has received $24m in Series A funding.

FinTech Collective served as the lead backer, with commitments also coming from Tiger Global, Moore Capital and others. The round was also supported by existing backers, including Cometa and Monashees, as well as a selection of angel investors, such as Addi CEO Santiago Suarez and Plaid head of corporate strategy and development Jason Pate.

This equity boost will help Simetrik hire more staff, consolidate its position across the LatAm market and expand into EMEA and APAC.

Founded in 2019 by Alejandro Casas and Santiago Gomez, Simetrik’s infrastructure claims to deliver greater control and transparency over a company’s financial transactions by automating reconciliation through a no-code solution.

The company has experienced rapid adoption of its services since it launched 24 months ago. It is reconciling $75bn of TPV per year in over 22 countries. Its clients include Mercado Pago, NuBank, Rappi Bank, Bancolombia, Addi, DLocal, Clara, Clip and Ualá.

Simetrik co-founder and CEO Alejandro Casas said, “The experience of working closely with payment and fintech companies made us realize that there are still many obstacles for companies that use many different types of payment methods to satisfy increasing demand. We’re seeing rapid growth in the payment methods space at a global level, with new companies coming onto the market everyday.”

Earlier in the year, fellow Colombian FinTech company Bold closed its Series B funding round on $55m. The company provides small and medium-sized businesses with low-cost payment terminals that can accept payments and other local payment methods.

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