Contabilizei Receives Investment of $60M Led by Softbank

Contabilizei, the Brazilian back-office accounting services firm for small- and medium-sized businesses (SMBs), has raised $60 million in a Series C financing, Bloomberg reported Thursday (March 10).

The funding round was led by Japan’s SoftBank with contributions from Goldman Sachs and Pruven Capital.

This latest financing will be used to grow the startup’s product and service offerings, expand its presence in mall stores to more than 60 cities in Brazil, according to Vitor Torres, Contabilizei’s CEO.

Contabilizei recently opened stores in the Shopping Eldorado mall in São Paulo and Barra Shopping in Rio de Janeiro.

“We are expanding our reach to micro and small entrepreneurs so that they can ask us questions for free at the mall while they have a coffee and do their shopping,” Torres said per the report.

Founded in 2013 to help SMB owners launch a company and keep their accounting needs current. Torres said there were opportunities to help business owners open banks accounts and receive money from clients as the company grew. In addition, Torres said they guided startups on their choice of health insurance for themselves, their family, and their workers.

Today, Contabilizei boasts more than 30,000 clients, while 70,000 accounting offices in Brazil serve an average of 80 to 100 clients.

More than 40% of Contabilizei clients have an account with the partner company, and more than 80% choose to open an account with Contabilizei when they launch their business, the company said.

Also, this month, online payments firm AstroPay launched its payment solution in Peru, Chile, Mexico and Colombia, following its initial Brazil rollout in January.

See also: AstroPay Payment Links Introduced in More Latam Countries

Dubbed “Payment Links,” it’s AstroPay’s latest effort to enable SMBs to collect digital payments by sharing a payment link with their customers.