State Of - Deutsche Bank Says Embedded Finance Is Changing Business Models

Simetrik Raises $55 Million to Enhance B2B Financial Automation Platform

Simetrik Raises $55M to Enhance B2B Financial Automation

Simetrik, a B2B financial automation platform founded in Colombia in 2019, raised $55 million in a Series B funding round.

The new capital will help strengthen the company’s position in the evolving financial sector and expand its global reach, Alejandro Casas, the company’s co-founder and CEO, said in a press release.

Simetrik offers “intuitive solutions” that simplify and automate financial tasks like record centralization, reconciliations, controls, reporting and accounting through its Simetrik Building Blocks (SBBs) based on no-code development and generative artificial intelligence technologies, according to the release.

The funding will allow the company to enhance its SBBs with more advanced AI capabilities, delivering enhanced financial automation solutions to its clients, Santiago Gómez, co-founder and chief operating officer of Simetrik, said in the release.

With a global footprint spanning over 35 countries and monitoring over 200 million records daily, Simetrik plans to use the money from the Series B round to further “expand its international reach, targeting major payment companies and consumer marketplaces worldwide,” per the release.

The company’s latest funding round was led by Growth Equity at Goldman Sachs Asset Management, the release said. Current investors include FinTech Collective and Cometa.

In another development in the space, Paymerang said in December that it added receivables automation to its line of finance automation solutions.

The new offering simplifies accounts receivable and provides businesses with real-time insights into cash flow. It is designed to help businesses save time, increase efficiency and minimize the risk of errors by streamlining and accelerating invoice-to-cash processes.

In October, Danish startup Dealflow raised $700,000 to move beyond its invoicing roots and develop an AI “worker” to automate finance. The company said at the time that it imagines “a future where the true power of finance is available with the tap of a button for founders and builders everywhere around the world.”

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.