Conta Simples, a Brazilian company specialising in expense management and corporate card services, has recently closed its Series B funding round on $41.5m.
The investment round was led by Base10 Partners, with substantial contributions from previous Series A investors, including Valor Capital, Jam Fund, Y Combinator, Big Bets, Broadhaven, and DOMO, according to a report from TechCrunch.
As a strategic move accompanying this investment, Base10 managing partner TJ Nahigian has been appointed to the board of Conta Simples.
Conta Simples distinguishes itself in the FinTech sector with its robust and user-friendly expense control technology. This tech offers streamlined processing and customised monitoring, ideal for businesses navigating the complexities of financial management.
The company’s services have resonated with the market, evident from its impressive user base of 30,000 active users and the issuance of 500,000 physical and digital corporate credit cards. These milestones contribute to a staggering total payment volume of R$18bn, roughly equivalent to $3bn.
The firm has earmarked the Series B funding for several strategic initiatives. Key among them is expanding the team, with plans to create and fill approximately 100 new roles in 2024. Additionally, Conta Simples aims to cater to larger clients while continuing to serve its small business clientele. This expansion is part of a broader strategy to develop and introduce new features and products tailored for mid-level and small enterprises.
Conta Simples CFO Taeli Klaumann expressed optimism about the company’s future. “Some big companies, not only in Brazil, but all countries, are not well served with expense management, so there is a huge potential there.
“The idea is to use this money in the next three, four or five years. We understand that the central bank in Brazil is trying to create these disruptive ideas. Our plan is to stay close to them and create not only buy now, pay later and other products to guarantee that we’re going to support all sizes of businesses.”
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