Suma SaaS Holdings, a London, UK-based SMB financial management SaaS provider in Spanish-speaking Latin America, received a follow-on growth investment from Riverwood Capital.
The amount of the deal was not disclosed.
The company intends to use the funds to accelerate growth with planned investments across sales capacity, marketing, research and development, and regional expansion via additional acquisitions.
Led by Matthew Cole, CEO, Suma enables SMB owners to manage their daily operations, improve financial visibility and collaborate with their accountants via its multi-tenant, cloud platform, allowing them to make business decisions. Its solutions include financial planning, cash-flow visibility, tax calculations and reporting, payroll management, billing, inventory, automatic reconciliations with banks and tax authorities, and point-of-sale and e-commerce integrations.
The platform allows customers to integrate their business information with various counterparties in the ecosystem: customers, suppliers, employees, banks, accountants, regulatory agencies, and sources of potential financing via an intuitive user interface and world-class customer service.
Today, the company’s annual recurring revenues are growing at an annualized rate of +40% while being cash-flow positive. Suma supports +100,000 SMBs and accountants via Nubox in Chile, Bind ERP in Mexico, and Colppy in Argentina.
FinSMEs
17/05/2021