202409 Jan

Conta Simples grabs another $41.5M for its expense management approach in Brazil

Summary

Conta Simples, an expense management and corporate card company in Brazil, raised a Series B round of $41.5 million, or more than R$200 million.Base10 Partners led the round and was joined by Contas Series A investors, including Valor Capital, Jam Fund, Y Combinator, Big Bets, Broadhaven and DOMO. It ended the year reaching breakeven and obtained a license from the Brazilian Central Bank to operate as a Direct Credit Society. We also went from a negative margin to breakeven, and I think was one of the main reasons that our current investors were interested in doing this Series B round.Meanwhile, its expense control technology provides a streamlined process and customized monitoring. That wont change; however, the company is now in a position to increase and develop more features and products and sell to mid-level and small enterprises, Klaumann said.Some big companies, not only in Brazil, but all countries, are not well served with expense management, so there is a huge potential there, Klaumann said. Our plan is to stay close to them and create not only buy now, pay later and other products to guarantee that were going to support all sizes of businesses.

Source: Techcrunch

Funding

$40.91M
Amount
Jan 09 2024
Date
-
Investor
Conta Simples
Company

Classifications

Companies