Online payments solutions provider PayU was part of Latin American small- to medium-sized enterprise (SME) super-app Treinta’s $46 million Series A financing round, according to a company press release Thursday (April 7).
The round is the largest Series A in Colombian history and one of the biggest funding efforts of its kind in Latin America.
Per the release, Treinta’s super app “aims to digitalize Latin American SMEs by providing a broad range of services, including accounting, inventory management and trading solutions.” The company will use the fresh capital to strengthen its product, expand its user base and attract new talent.
“Treinta is changing how SMEs in the region manage and operate their businesses,” said Francisco León, director of operations at PayU Latam. “We are very excited to back Treinta to help fuel its continued growth by further expanding the product offering and geographical reach.
“This investment is fully aligned with our strategic goal of helping merchants of all sizes to digitalize and innovate.”
In the 18 months since its launch, Treinta has partnered with more than 4 million SMEs in more than 18 South American countries, per the release.
“We are very excited to welcome such a great strategic partner as PayU to this new stage at Treinta,” said Treinta co-founder Lluís Cañadell. “Together we will become the FinTech partner of choice for micro and small merchants in the region, allowing us to improve the financial inclusion of more than 50 million entrepreneurs and to become the largest startup in the region.”
Earlier this week, PayU agreed to acquire Tecnipagos S.A., which operates as electronic deposits and payments platform Ding, from CredibanCo, expanding PayU’s reach across Colombia and giving it a presence in more than 50 countries around the world.
Related: PayU Acquires Payments Platform Ding from CredibanCo
PayU’s acquisition is subject to the approval of “relevant Colombian financial supervision,” among other customary conditions, according to a Wednesday (April 6) press release.
Spokespeople from both companies said the deal is part of a commitment to support both micro-enterprises and SMEs across Colombia.
